UK Tax Strategy
Published for the financial year ended June 2023
Last updated in July 2023
Woh Hup Holdings Pte Limited (“Woh Hup”) is incorporated in Singapore. It directly or indirectly owns several subsidiaries in the United Kingdom and throughout the world.
This document applies to the UK subsidiaries of Woh Hup ( “the UK Group”) and sets out the UK Group’s strategy and approach to conducting its tax affairs and dealing with tax risk. This tax strategy applies from the date of its publication until it is superseded.
This document is approved by the Woh Hup UK‘s Board of Directors. It will be reviewed annually, and any necessary amendments will be reviewed and approved by the Board of Directors.
The Tax Strategy has been prepared in accordance with the requirements set out in Schedule 19 Finance Act 2016, which requires large businesses in the UK to publish their tax strategy.
Compliance with tax law and regulations
Woh Hup have a low appetite towards tax risk. Woh Hup is committed to compliance with the tax laws and practices in each country in which its group operates, including the United Kingdom. This includes the disclosure of all relevant facts and circumstances to the tax authorities.
Effective risk management
The Group takes a conservative approach to tax risk by ensuring that reasonable care is applied in relation to all processes which could materially affect its compliance with its tax obligations. External tax advisers are used for tax compliance matters and in determining the tax consequences of significant transactions.
The UK Group’s risk management is based on advice and judgement of appropriate external specialists that have expertise in the UK tax regime.
Where the tax treatment of any material transaction is uncertain, external advice will be sought before processing with the transaction.
The UK Group are responsive to the external advice to ensure continuing compliance and update controls when required. All material matters are approved by the Board of Directors.
Responsible attitude to arranging tax affairs
When entering into commercial transactions, the UK Group engages in standard tax planning to make use of available tax incentives, reliefs, and exemptions. Tax incentives and reliefs will be applied in the manner intended by the underlying legislation.
The UK Group’s policy is not to enter into any artificial or aggressive tax planning arrangements, or arrangements that are not underpinned by genuine commercial rationale.
Relationship with UK tax authorities
Woh Hup are committed to openness and transparency in dealing with tax authorities. The UK Group is supported by local advisors who engage with HM Revenue & Customers (“HMRC”) on a real-time basis to minimise tax risk.
The UK Group does not have a designated Customer Compliance Manager, and therefore does not have additional regular meetings or interaction with HMRC.
We will engage with HMRC with honesty, integrity, respect and fairness and in a spirit of co-operative compliance.