A.N. Wallis – UK Tax Strategy

The publication of this strategy statement is regarded as satisfying the statutory obligation under paragraph 19 (2) schedule 19, finance account 2016 for all companies listed in Appendix 1.  Our UK tax strategy comprises four key components:

Commitment to compliance

Our UK activity comprises of A.N. Wallis and our sister company PD Devices and covers activities in the manufacturing of earthing and lightning protection products along with surge protection devices.

A.N. Wallis employ a full-time qualified accountant as Financial Director along with a full time qualified Financial Controller who both oversee the A.N. Wallis group relationship with the UK tax authorities to ensure alignment with the group tax policy and procedures.

Attitude towards tax planning and level of risk accepted

In structuring and managing our commercial activities we will consider among other factors UK tax laws with a view to maximising value on a sustainable basis for our shareholders.  Any tax planning undertaken will have commercial economic substance and will have regard to the potential impact on our reputation and broader goals. We will not undertake plans that are contrived or artificial.

Risk will inevitably arise from time to time in relation to the interpretation of tax law and nature of our compliance arrangements. We proactively seek to identify, evaluate, manager and monitor, mitigating where possible these risks to ensure they remain in line with our risk appetite.

The level of risk which we accept in relation to UK taxation is consistent with our overall objective of achieving certainty where reasonable and appropriate, in our tax affairs. We seek to comply with regulatory and other obligations and to act in a way which protects our reputation as responsible corporate citizens.

We do not set formal quantitative risk limits in relation to the financial tax risk that we assume.  Instead, the risk profile is kept under review by the Financial Director working closely with the companies appointed external auditors and their tax planning department who will be one of the top 5 firms in the UK.

Further additional advice will be sort if required via the group Financial Director again with consultation with their appointed external auditors.

Approach to dealing with tax authorities

We engage collaboratively with tax authorities with honesty, integrity, respect and fairness and in a spirit of co-operative compliance. These are values which are fundamental to the way we carry out our business. We make our tax returns as clear as possible and we try to raise important issues proactively so the tax authorities can focus their resources effectively. From time to time if it is unclear how tax law should be applied, we may engage with tax authorities in advance of undertaking transactions to confirm the correct application of tax law.

Approach to tax risk management and governance arrangements

The financial director, liaising with the group financial director actively sends and receives information from the wider business in order to better manager UK taxation.  Where there is significant complexity or uncertainty the Financial Director will make use of external advisers.

The strategy is approved, owned and overseen by the board of Directors.

Review of UK tax strategy

Together with the group Financial Director, the Financial Director will review this strategy on an annual basis and update where appropriate.

This strategy has been reviewed and published on 1^st June 2021 and relates to the financial year ending 31^st December 2021.