Wain Group Limited Tax Strategy
Scope
This strategy applies to Wain Group Limited, a limited company registered in England and Wales, and to the group of companies headed by Wain Group Limited in accordance with paragraphs 19 and 25 of Schedule 19 to the Finance Act 2016. A list of the entities to which it applies is set out below. In this strategy, references to ‘Wain’, ‘the Company’ or ‘the Group’ are to all these entities. The strategy has been published in accordance with paragraph 16(4) of the Schedule.
This strategy applies from the date of publication until it is superseded. References to ‘UK Taxation’ are to the taxes and duties set out in paragraph 15(1) of the Schedule which include Income Tax, Corporation Tax, PAYE, NIC, VAT, Insurance Premium Tax and Stamp Duty Land Tax. All references relate to UK taxation as the Group has no subsidiaries incorporated or operating outside of the UK.
Aim
Wain is committed to full compliance with all statutory obligations and full disclosure to tax authorities.
Governance in relation to UK taxation
- Ultimate responsibility for Wain’s tax strategy and compliance rests with the Board of Wain Group Limited.
- The Board’s requirement to monitor the integrity of Wain’s financial reporting system, internal controls and risk management framework, expressly includes those elements relating to taxation.
- The Wain Estates Limited Finance Director (‘FD’) is the Board member with executive and day to day responsibility for tax matters, the Wain Estates Limited Finance Director is also the Group’s Senior Accounting Officer.
- The Board ensure that Wain’s tax strategy is one of the factors considered in all investments and significant business decisions taken.
Risk Management
- Wain operates a system of tax risk assessment and controls as a component of the overall internal control framework applicable to the Group’s financial reporting system.
- Wain seeks to reduce the level of tax risk arising from its operations as far as is reasonably practicable by ensuring that reasonable care is applied in relation to all processes which could materially affect its compliance with its tax obligations.
- Processes relating to different taxes are allocated to appropriate process owners, who carry out a review of activities and processes to identify key risks and mitigating controls in place. These key risks are monitored for business and legislative changes which may impact them and changes to processes or controls are made when required.
- Advice is sought from external professional advisors where appropriate.
- We obtain advice from appropriately qualified external advisors on specialist tax matters which forms part of our tax return process and we see the input of external advisors as a key source of specific tax expertise to supplement the skills of our own finance team in appropriate cases.
Attitude towards tax planning and level of risk
Wain manages risks to ensure compliance with legal requirements in a manner which ensures payment of the right amount of tax.
We seek to minimise the risk of a dispute with HMRC by being open and transparent about our tax affairs. At all times we seek to fully comply with our regulatory and other obligations and to act as a responsible corporate citizen.
Relationship with HMRC
Wain seeks to have a transparent and constructive relationship with HMRC through regular meetings and communication in respect of developments in Wain’s business, current, future and retrospective tax risks, and interpretation of the law in relation to all relevant taxes.
When submitting tax computations and returns to HMRC, Wain discloses all relevant facts and identifies any transactions or issues where it considers that there is potential for the tax treatment to be uncertain.
Any inadvertent errors in submissions made to HMRC are fully disclosed as soon as reasonably practicable after they are identified.
Legal and ethical
We act lawfully and with integrity and expect the same from our people, tax authorities and other parties with whom we interact.
- In every respect, our work shall be fully compliant with legal and regulatory requirements and in our behaviour, we aspire to the highest professional and ethical standards.
- We shall not act in such a way as to undermine the structure of the tax system.
- We shall not entertain arrangements that evade tax or that rely, to any extent, upon in the authorities' inability to collect it.
- We shall not exploit social policy legislation (for example, tax reliefs for charities).
Transparency
We support a relationship with tax authorities, based upon mutual trust and respect which will enable constructive dialogue and responsiveness by all parties.
- We shall comply with all our disclosure requirements and not dissemble or misrepresent, all material facts.
List of entities covered by this Tax Strategy:
Wain Group Limited
Wain Homes Limited
Wain Homes (North West) Limited
Wain Homes (South West) Limited
Wain Homes (Severn Valley) Limited
Wain Homes (West Midlands) Limited
EHB Holdco 123 Limited
ECC Holdco 123 Limited
Wain Estates Limited
Wain Estates (Property) Limited
Wain Estates (Land) Limited
Wain Estates (Carrington) Limited
HP (Valley Road) Limited
Carrington Business Park Limited
Swinton Park Golf and Country Club 2017 Limited