Tax Strategy

Sertec Corporation Limited & Subsidiaries Tax Strategy and Policies


Background

Sertec Corporation Limited (the “Company”) is the ultimate holding company of a group of UK and overseas companies engaged in the design and manufacture of metal products supplied to the automotive industry. By virtue of its size, Sertec Corporation Limited and its subsidiaries (the “Group”) is obliged to publish its unified tax strategy in compliance with paragraph 16(2) of schedule 19 of the Finance Act 2016.

The Group is obliged to publish its Tax Strategy before the end of each financial period. For this publication, which relates to its tax strategy for the financial year ended 31 March 2019, this means the Group is obliged to publish before 31 March 2020.

The Board of Directors of Sertec Corporation Limited (the “Board”) reviews and approves the Group’s Tax Strategy and management’s adherence to it on an annual basis. The Board considers it meets the requirement of Finance Act 2016, Schedule 19, paragraph 16(2) for the accounting period to 31 March 2019.


Sertec Corporation Limited Group

Listed below are the companies within the Group:

Company name

Country of Incorporation

Company No.

UTR

Sertec Corporation Ltd

England & Wales

09989098

11570 18407

Direct subsidiaries:

 

 

 

Sertec HoldCo Ltd

England & Wales

12024861

Applied for

Sertec Group Ltd

England & Wales

08259929

72160 23670

Indirect subsidiaries:

 

 

 

Sertec Group Holdings Ltd

England & Wales

02957238

16089 23670

Sertec Light Stampings Ltd

England & Wales

2944354

22516 21318

Sertec Aluminium Structures Ltd

England & Wales

7735979

16164 16102

Sertec Auto Structures (UK) Ltd

England & Wales

719490

34640 18136

Sertec Engineering Estonia OU

Estonia

11206118

15267919

AWC Industries Ltd

England & Wales

4753559

30419 27751

Sertec Springs & Wireforms Ltd

England & Wales

05107360

67819 20513

Sertec Precision Components Ltd

England & Wales

00925099

64510 10381

Sertec Fine Blanking GmbH

Germany

DE 811 290 798

221 5758 3510

Sertec Auto Structures Property Kft

Hungary

11 09 008883

11127350-2-11

Sertec Auto Structures (Hungary) Bt.

Hungary

11 06 008201

22456447-2-11

Sertec Commercial Services (Dongguan) Ltd

China

91441900MA4UJ29K1Y

91441900MA4UJ29K1Y

All companies have an accounting reference date of 31 Mar with the exception of Sertec Commercial Services (Dongguan) Ltd which has an accounting reference date of 31 Dec.


Our Tax Strategy

Our Tax Strategy and policies require that we fully comply with the letter and spirit of UK tax law. The Group’s business activities are subject to various taxes, including corporate tax, employment tax and property taxes. Employees’ taxes and indirect taxes such as VAT are also collected and paid. These taxes contribute to the societies where we operate.

We aim for certainty on the tax positions and our policy is not to make interpretations of tax law that are opposed to its original spirit.

To support us in ensuring that we have interpreted tax law and its spirit correctly, we seek advice from large accounting firms, legal firms and/or tax counsel as appropriate.

In certain merger and acquisition transactions and in its dealings with overseas companies, whether these are with related parties or with vendors forming part of the Group’s supply chain, advice is provided to the Group by leading firms of professional advisors to ensure, for example, that transactions between group companies are carried out on an arm’s length basis in accordance with prevailing OECD principles.


Relationship with HM Revenue & Customs

An important part of our tax strategy and policies is the maintenance and development of a strong, proactive working relationship with HM Revenue & Customs (“HMRC”).

We are transparent with HMRC and, in cases of interpretation or complexity, work with them on a real-time basis to determine the amount of tax due.

We make timely and accurate tax returns that reflect our fiscal obligations to Government.


Attitude towards tax planning

We recognise that tax is by its very nature complex and often uncertain.

We do not undertake aggressive tax planning and are committed to ensuring that tax reflects the underlying economic substance of the transactions the business enters into.

All transactions are driven by their commercial rationale rather than being shaped only to deliver a tax advantaged result.


Approach to risk management and governance

Tax is part of the Finance function of the Group and is the ultimate responsibility of the Chief Financial Officer.

Tax strategy and policies are reviewed on an on-going basis by the Board of Directors of each company in the Group. Tax strategy and policy issues are assessed on a case by case basis by the Chief Financial Officer.

Day to day responsibility for the conduct of the Group’s tax affairs is delegated to a dedicated and highly qualified team of professionals, whose primary purpose is to ensure we meet our compliance obligations in every jurisdiction in which we operate.

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