Tax Policy

This document, approved by the Board of SeAh Wind Ltd. SeAH Wind sets out the tax strategy and approach undertaken by SeAH Wind in relation to how they conduct their tax affairs and deal with tax risks.

This document satisfies the legal requirements concerning the publication of tax strategies, specifically the requirements of paragraph 16(2), Schedule 19 of Finance Act 2016.

This document will be reviewed periodically by the Chief Financial Officer and any amendments will be approved by the Board of SeAH Wind. It is effective for the year ending 31 December 2023 and will remain effective until any amendments are approved by the Board of SeAH Wind but it will be formally reviewed and approved on at least an annual basis.

Tax policy

SeAH Wind is committed to conducting its tax affairs in a manner to achieve the following objectives:

  • Comply with all relevant laws, rules, regulations and reporting and disclosure requirements.
  • Pay taxes when they fall due
  • Ensure the tax strategy is consistent with SeAH Wind’s overall strategy and risk
  • Engage with HMRC and maintain open, transparent and constructive communications
  • Maximise legitimate tax reliefs as intended by the legislation

To fulfil the legal requirements which require large businesses in the UK to publish their tax strategy, and to support transparency of our approach to taxation, this document sets out SeAH Wind’s approach to:

  • Governance and tax risk management arrangements
  • Tax planning
  • The level of tax risk we are prepared to accept
  • Dealings with tax authorities

Governance and risk management arrangements

The Board of SeAH Wind is ultimately responsible for the tax strategy and tax risk management systems and controls.

SeAH Wind considers risk, not just those relating to tax, at each meeting and is updated as to the risk and internal audit activities that have been performed during the period.

The Chief Financial Officer is the Senior Accounting Officer and is responsible for ensuring SeAH Wind has appropriate tax accounting arrangements in place. The Chief Financial Officer is responsible for the day-to day tax compliance, signing off corporation tax returns, liaising with HMRC, escalating significant and/or complex transactions with tax implications, obtaining advice from external advisors if appropriate, and tax accounting and payment of tax.

The finance team ensure that:

  • The strategy is adopted and followed consistently with clear lines of reporting and accountability;
  • There is alignment of the strategy with SeAH Wind overall approach to corporate governance and risk management; and
  • SeAH Wind pays the right amount of tax, when due, as required under the laws and regulations within the UK.

Tax planning

SeAH Wind aims to maintain a conservative approach to tax and will not engage in artificial transactions where the sole purpose is to reduce the amount of tax payable.

SeAH Wind will, however, consider undertaking a transaction which gives rise to tax efficiencies providing this is aligned with its commercial activities and complies with the associated tax legislation.

SeAH Wind will not structure a transaction solely to secure tax savings if the underlying commercial objectives do not support the position, or if the arrangements could potentially affect its reputation, brand, corporate and social responsibilities, or future working relationships with HMRC.

The level of tax risk we are prepared to accept

SeAH Wind has a low appetite for tax risk and has a Low Risk relationship with HMRC.

The tax strategy is to proactively identify and mitigate tax risks to an acceptable level in line to risk management.

Dealings with tax authorities

SeAH Wind maintains a professional and constructive working relationship with HMRC, built on integrity and consistency of approach.

To ensure we meet high professional standards, we will always co-operate fully in an open and honest manner with tax authorities.

SeAH Wind aims to avoid unnecessary disputes with HMRC and this will be achieved by:

  • Hosting meetings, in person or by other means, with HMRC (CCM and subject matter specialists), as and when required, to discuss the business and associated tax accounting; and
  • Being proactive by seeking pre-transaction clearances from HMRC where appropriate.

SeAH Wind approach, attitude and tax controls have been acknowledged by HMRC who have designated SeAH Wind as Low Risk.

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