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BayWa r.e. AG
Tel: +49 89 383932 0
Fax: +49 89 383932 32
Munich Registry Court, HRB 160344
Matthias Taft (CEO), Günter Haug, Harald Wilbert
BayWa r.e. Group UK Activities Tax Strategy
The following information represent the publication of the BayWa r.e. Group’s tax strategy in respect of UK activities in the current financial year. The tax strategy is approved by the head of the Group which regards the publication of this tax strategy as complying with the duty under paragraph 16(2) of Schedule 19 of the Finance Act 2016
Openness with the UK tax authorities through transparency and cooperation are central to the BayWa Group’s approach to tax compliance in the UK.
Governance and management of tax risks
The principal risk for the Group’s individual entities is non-compliance with tax legislation through oversight or error.
To mitigate this, employees dealing with routine transactions are suitably qualified, for example as Chartered Accountants. Corporation tax returns are prepared by external professional advisors and are reviewed internally by the finance team in each entity. Significant or unusual transactions are advised on by an external expert where appropriate and approved by a director and the Senior Accounting Officer of the relevant entity.
Appropriate documentation is maintained in order to comply with tax legislation and as required to ensure good corporate governance.
External advice is routinely sought where the internal finance teams are unfamiliar with the nature of the tax implications of a transaction or with new legislation.
Viewing the Group as a whole, the main risk is that non-compliance arises as a result of a lack of coordination between entities.
To mitigate this, the Group has established a UK Tax Group comprising of the persons responsible for tax for entities with a taxable presence in the UK. Quarterly conference calls are attended by all the UK Tax Group managers and tax risks are discussed. The relevant outcomes of the meetings are communicated to the Group’s HMRC customer relationship manager.
The primary consideration for the Group is commercial viability. Tax planning aims to support the commercial viability of the entities by ensuring that transactions are tax efficient whilst complying with all relevant laws and legislation. The Group seeks external advice in relation to all new projects and material or unusual transactions primarily to ensure full compliance with legislation.
The Group seeks to mitigate its tax burden by claiming reliefs and allowances available to it. It does not pursue high-risk tax structuring.
The BayWa Group has a low threshold regarding acceptable tax risk. The Group’s aim is to minimise and mitigate tax risk so far as is reasonably possible.
Relationship with HMRC
The BayWa Group aims to maintain the highest level of transparency in its dealings with HMRC and seeks to cooperate fully with a view to ensuring it remains fully compliant with relevant legislation.
The Group’s policy is full cooperation with and disclosure to HMRC should any instances of non-compliance be identified. The group regularly seeks advice from the group’s HMRC customer relationship manager and delegated specialists in respect of unusual transactions where higher risks arise.