Corporate Tax Strategy

Daejan Holdings plc (“Daejan” or “the Group”)

Corporate tax strategy 2018/2019

The Board of Directors of Daejan acknowledge the Group’s responsibility to pay all tax which is due under the law and recognises the importance of corporate tax payments to society.  However, the Board also acknowledge their legal responsibility to act in shareholders’ best interests, which includes not paying more tax than is legally due.

The Board applies this strategy across all forms of taxes including, but not limited to, corporation tax, stamp duties, council tax and business rates, payroll and employment taxes and value added tax.

Daejan’s corporate tax policy

The principal features of Daejan’s corporate tax policy is to:

·         not seek to avoid or evade tax by using inappropriate accounting or other means;

·         pay all amounts of tax due in full and on time to the tax authorities;

·         structure the business to take advantage of allowances and reliefs offered and intended by law or the tax authorities;

·         act with integrity and honesty in all dealings with tax authorities; and

·         take reasonable measures and have reasonable procedures in place to prevent any and all persons associated with the Group from facilitating the evasion of tax both in the UK or overseas.

Risk management and governance arrangements in relation to UK taxation

Daejan seeks to minimise tax risks and has little appetite for disputes with tax authorities. 

The Group’s CFO has designated responsibility for the Group’s tax policy and management on a day to day basis, which is overseen by the Executive Directors and formally considered by the Board as a whole. 

The Group has clear and robust controls and procedures in place to assist the CFO, who is also the Group’s Senior Accounting Officer, to make an annual declaration to HMRC that the Group had appropriate tax accounting arrangements. 

This policy has been approved by the directors of Daejan Holdings plc and will be reviewed on an ongoing basis by the directors and updated as appropriate.

BSE Freshwater – Chairman                                      

29 March 2018