This document, which has been approved by the Board of Directors and republished on 8th November 2021 for financial year ended 30th September 2021, sets out the Group’s policy and approach to conducting its tax affairs in a responsible manner and serves as guidance for all Ballyvesey employees.
The tax strategy is published in accordance with Paragraph 16(2) Schedule 19 Finance Act 2016.
Tax is defined as all financial charges or levies applied by a tax authority in any jurisdiction and covers both direct and indirect taxes.
Our Risk Management and Governance
We strive to pay the right amount of tax in each country and pay our taxes in a timely manner.
We have a clear Transfer Pricing Policy implemented by Group Finance to ensure that the way we charge between our Group companies is transparent, arm’s length, properly documented, and complies with local laws.
The local Finance Directors (‘FDs’) and controllers are responsible for understanding the local tax legislation and procedures for the countries in which they operate and for keeping up to date with and complying with all applicable laws, rules and disclosure requirements.
We give guidance to our Finance Teams to help them make the right tax decisions.
We seek advice from external advisors where necessary. Our tax returns are reviewed by professional advisors and approved by the Group Finance Team before they are submitted to HMRC.
FDs should notify the Group Finance function of any specific tax issues arising in their country.
We operate our business in the simplest possible way with decisions being driven to serve our customers, to encompass our values, to look after our staff and to generate a profit. We do not use tax havens for avoidance purposes.
Our Group tax rate should be determined by the sum of the parts and not something that is targeted.
Local companies should claim the proper statutory reliefs in the countries in which they operate and should never use marketed or abusive tax avoidance schemes.
Where the tax treatment or reporting requirements of specific items are unclear, professional advice should be sought by the Group Finance Function or Finance Teams, who are encouraged to seek external tax advisor advice, where required.
Attitude to Tax Risk
We pay our tax in accordance with all relevant laws and regulations in the territories in which we operate and do not use tax loopholes to take advantage of legal but essentially questionable tax schemes.
Our Relationship with HMRC
We aim to be open and honest in all dealings with tax authorities acting with integrity at all times.
The FDs should develop good working relationships with tax authorities and respond in a friendly, timely and professional manner to their requests.
Openness, honesty and transparency are paramount in all dealings with tax authorities.
We disclose our tax payments in accordance with national and international requirements and good practice among our peers.
The Tax Policy applies to all entities controlled by the Ballyvesey Group which includes:
Ballyvesey Industries Limited and all its subsidiaries; and
Ballyvesey Properties Limited and all its subsidiaries.
Our Group Finance function will review the Policy periodically and any amendments will be approved by the Board of Directors.
A copy of our Tax Policy is available to all staff and is published on the Ballyvesey website.
Responsibility for all tax reporting and adherence to the Ballyvesey Tax Policy sits with the local FDs in each Company and operating territory.