TAX STRATEGY FOR THE FINANCIAL YEAR ENDING 31 DEC 2020.
This document, approved by the board of Rexel UK Limited, sets out the Company’s tax strategy and in making this strategy available, the company is fulfilling its responsibilities under paragraph 16(2) of Schedule 19 of the Finance Act 2016. The document sets out the Company’s approach to conducting its tax affairs and dealing with tax risks.
Rexel UK Limited is committed to:
- Ensuring all Laws and Regulations are completed with;
- Instructions and directional guidelines set by the board and senior management are implemented;
- All internal control processes are functioning correctly;
- Financial information is reliable.
Rexel UK Limited does not seek to enter tax avoidance schemes and always ensures that tax legislation is adhered to by seeking advice from both a tax consultant and large firm of tax advisors.
Rexel UK Limited tax risk management process aims at identifying and analysing the main risks that the Rexel Group and UK may face to ensure it meets the following: –
- Create and preserve the Rexel Group’s values, assets, and reputation;
- Secure the decision making and the Rexel Group’s processes to achieve its strategy and meet its objectives;
- Promote the consistency of the Rexel Group’s actions with its values; and
- Bring the Rexel Group’s employees together behind a shared vision of the main risks.
The application of tax regimes of the Rexel Group’s operations, intra-Group transactions or reorganisations may require reasoned interpretations. Rexel UK cannot guarantee that such interpretations will not be questioned by the HMRC, which may adversely affect it financial condition or results of operations.
To limit the risks related to legal and tax rules applicable in the UK, the Group Legal and Tax Departments, as well as external tax experts assist local management in their transactions in respect to local and international applicable laws.
Taxation is managed as part of the Finance Function within Rexel UK Limited and is the ultimate responsibility of the Chief Financial Officer (CFO). In the UK, tax strategy and policies are reviewed on an ongoing basis at both Company board level and Group board level.
Tax strategy and policies are reviewed and discussed on an ongoing basis by the Company’s Reporting and Compliance Department and Group Tax Department both of which are managed by qualified professionals.
Working with HMRC
The Company has a close working and transparent relationship with the HMRC and their Customer Relationship Manager. Any potential risks identified by us are discussed with our CRM at the earliest possible date and steps are taken to ensure ongoing communication occurs.