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MAXAM

Our approach to taxation: UK Tax Strategy

 

MAXAM Group UK Tax Strategy
 
This Tax Strategy Report sets out MAXAM Group’s tax risk management strategy, governance arrangements in relation to tax planning, the approach of the group towards tax planning, the level of risk which the MAXAM Group is prepared to accept, and the approach of the MAXAM Group in its dealings with HMRC.  This Tax Strategy Report is made in compliance with Part 2 of Schedule 2 of the UK Finance Bill 2016, and applies to all UK entities of the MAXAM Group, that is, MAXAM UK Ltd. And Eley Hawk Ltd. 
 
Risk Management and Governance
 
The UK Tax Strategy conforms with MAXAM Group’s Code of Conduct, and is approved by the Board of Directors and the Chief Compliance Officer.  The Tax Director is responsible for the day-to-day oversight of taxation issues, and manages a team of tax professionals who assist the MAXAM Group’s subsidiaries in a variety of tax matters, such as compliance, reporting, and structuring.  MAXAM Group’s tax team coordinates with local finance managers, in addition to other local managers where necessary, to ensure that subsidiaries are tax compliant.  In many cases, external consultants are retained to ensure that any conclusion reached regarding taxation is correct, and to minimize any potential tax risk.
 
When tax risks do arise, the MAXAM Group contracts with external tax professionals to assist in consultations with local authorities to resolve any issues in a timely and efficient manner.  In cases where a risk is identified, similarly situated subsidiaries or tax arrangements are reevaluated in order to ensure that this particular risk is remedied and brought into compliance as soon as possible.   Furthermore, any relevant changes in tax legislation are analyzed in order to determine their effect on the MAXAM Group’s structure and operations.
 
Tax Planning and Risk Acceptance
 
Given the highly regulated nature of MAXAM Group’s businesses, MAXAM takes a conservative approach to tax planning, eschewing more aggressive tax planning methods.  Commercial operations are undertaken only when compliance with tax laws and the OECD arm’s length principle (in addition to other transfer pricing guidance) can be ensured.  Transactions must have economic substance and be based on commercial considerations.  Artificial structures and transactions which are undertaken solely for tax advantages are avoided completely.  Within this framework, MAXAM endeavors to reduce double taxation, minimize tax exposures, and avail themselves of available incentives or reliefs. 
 
Relationship with HMRC
 
MAXAM Group seeks to maintain an open, transparent, and professional relationship with HMRC, as well as all tax authorities.  As mentioned previously, MAXAM Group takes a proactive approach in resolving any issues which may arise by consulting with tax authorities in a timely manner.  Tax compliance is of the utmost priority to MAXAM Group, and by extension, a cooperative relationship with HMRC.


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Last update 2019.05.21
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