This strategy applies to McConnel Limited; the company is a wholly owned subsidiary of Alamo Group Europe Limited.
The ultimate parent of Alamo Group Europe Limited is Alamo Group Inc., a company incorporated in the US and listed on the New York Stock Exchange.
This strategy applies from the date of publication until it is superseded. References to ‘UK Taxation’ are to the taxes and duties set out in paragraph 15(1) of the Schedule which include Income Tax, Corporation Tax, PAYE, NIC, VAT, Insurance Premium Tax, and Stamp Duty Land Tax. References to ‘tax’, ‘taxes’ or ‘taxation’ are to UK taxation and to all corresponding worldwide taxes and similar duties in respect of which the company has legal responsibilities.
McConnel Limited is committed to full compliance with all statutory obligations and full disclosure to relevant tax authorities. The company’s tax affairs are managed in a way which takes into account the company’s wider corporate reputation in line with Alamo Group Inc’s overall high standards of governance.
Governance in relation to UK taxation
Attitude towards tax planning and level of risk
The company manages risks to ensure compliance with legal requirements in a manner which ensures payment of the right amount of tax.
When entering into commercial transactions, the company seeks to take advantage of available tax incentives, reliefs and exemptions in line with, and in the spirit of, tax legislation. The company does not undertake tax planning unrelated to such commercial transactions.
The level of risk which the company accepts in relation to UK taxation is consistent with its overall objective of achieving certainty in the company’s tax affairs. At all times the company seeks to comply fully with its regulatory and other obligations and to act in a way which upholds its reputation as a responsible corporate citizen. In relation to any specific issue or transaction, the Board is ultimately responsible for identifying the risks, including tax risks, which need to be addressed and for determining what actions should be taken to manage those risks, having regard to the materiality of the amounts and obligations in question.
Relationship with His Majesty’s Revenue and Customs (HMRC)
The company seeks to have a transparent and constructive relationship with HMRC during communications in respect of developments in its business, current, future, and retrospective tax risks, and interpretation of the law in relation to all relevant taxes.
When submitting tax computations and returns to ‘His Majesty’s Revenue and Customs’, the company discloses all relevant facts and identifies any transactions or issues where it considers that there is potential for the tax treatment to be uncertain.
Any inadvertent errors in submissions made to HMRC are fully disclosed as soon as reasonably practicable after they are identified.