In accordance with the requirements of Part 2 of Schedule 19 of the Finance Act 2016, the Wincanton Group presents the Group’s Tax Strategy for Wincanton plc and its subsidiaries (“the Group”) for the year ended 31 March 2024.  This tax strategy applies to all UK taxes applicable to the Group and has been approved by the Board of Directors of Wincanton plc (“the Board”).

The policy will be reviewed annually.

The Group has a low appetite towards tax risk and as such all significant tax decisions are agreed by the Director of Tax and the Chief Financial Officer and reviewed, monitored and endorsed by the Board. 

The Group are committed to pay the right amount of tax at the right time and seek to have an open and honest relationship with HMRC.

The Group has clear tax policies, procedures and controls in place to meet the obligations of the Senior Accounting Officer legislation and are assessed through a central risk register.  These are overseen by the Chief Financial Officer and Director of Tax, and are monitored and reviewed by internal teams and tax specialists.

The Tax Team are qualified and experience professionals who are committed to the Wincanton Group’s values of Excellence, Integrity, Passion, Proactivity, Togetherness and Trust.

As part of the continuous review of controls and procedures, the internal audit team examines areas of the business and its processes, including tax.

External tax advisors are on hand to provide tax advice and confirmation where required, for example when new legislation is introduced or on areas of uncertainty.  External tax advisors also review the Corporation tax returns before they are filed to the tax authorities.

When entering commercial transactions, the Group seeks to take advantage of available tax incentives, reliefs and exemptions which are consistent with the spirit as well as the letter of the tax law and takes external advice to confirm this if necessary.

The Group’s policy is to not enter into any artificial tax planning arrangements that are not underpinned by a commercial transaction.

The Group seeks to comply fully with its regulatory obligations and ensures the tax arrangements are consistent with a low tax risk approach to conducting its business. The UK Group is considered by HMRC to be ‘low risk’.

The Group does not seek to structure transactions in ways that give tax results inconsistent with their underlying economic consequences.

Where there is uncertainty over the interpretation of tax law in respect to any material transaction, external tax advice will be sought before proceeding with the transaction.

The Group’s approach to HMRC is transparent and constructive, resulting in a positive working relationship.  The Group takes the initiative to raise with HMRC any doubtful or contentious issues.

The Group engages on a real-time basis with HMRC to ensure compliance and create certainty for the Group and for customers in respect of the indirect taxes of VAT, Customs and Excise. This proactive approach helps the Group and customers to comply with the HMRC requirement of “right duty at the right time”.

Published date 29/02/2024