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[EK UK tax strategy]
The ElringKlinger Group is a worldwide development partner and original equipment supplier of components to almost all of the world’s vehicle and engine manufacturers. The Elring Klinger Group within the UK consists of three direct subsidiaries to Elring Klinger AG the group parent company.
Elring Klinger (GB) specialises in the design and manufacture of speciality gaskets from both soft and hard materials, as well as producing high quality sealing solutions for engine, transmission and exhaust applications and manufacturing heat shields both for engine bay and under body.
Elring Parts Ltd is a distribution company which stocks and supplies parts manufactured within the group to the automotive industry.
HPP (UK) designs and manufactures hybrid transmissions and E-Mobility solutions for supply to the automotive industry.
This tax strategy applies to all UK taxes applicable to the UK Group and addresses the following criteria:
• The level of UK tax risk acceptable to the UK Group
• Approach to risk management and governance in relation to UK taxation
• Attitude towards tax planning
• Approach to dealing with HMRC
It is considered that this publication meets the requirements of the Finance Act 2016 to publish its UK tax strategy.
The UK Group’s level of acceptable tax risk
The Group-wide ElringKlinger Code of Conduct offers guidelines and standards for the behaviour of all staff. It expects that all employees of the Group will observe all applicable legal regulations and company guidelines, including tax laws in their local territories.
The UK part of the Group is a comparatively small part of the wider Group, and the tax risk associated with the Group’s operations in the UK is considered relatively low. We review our tax risks regularly, taking into account the interests of our various stakeholders and working to ensure that we identify, analyse and mitigate risks to a low level. Our overarching policy is to comply with all legislative requirements, to make use of reliefs where these are available to the business in the normal course of operation and ultimately to pay the right amount of tax at the right time.
Approach to risk management and governance
The Directors and local management teams have overall and ultimate responsibility for taxation risks in relation to the UK Group companies.
Tax risks arising from day to day transactions are managed by each local finance team. Each UK finance team have responsibility for managing tax risks arising from day to day transactions, and also place reliance on their own internal accounting systems and controls which have been put in place to enable to identification and management of key tax risks. The finance staff at each site have the relevant experience, training and qualifications to manage such risks appropriately.
Internal and external auditing is frequently carried out to assess risks arising from tax. The UK Group will also seek external advice from professional advisors where appropriate to help identify and quantify tax risks and support decision making in relation to managing those risks.
Attitude to tax planning
Our policy is to operate with openness and transparency in our corporate affairs. We seek to support the commercial substance of the business and do not implement any tax measures which are artificial or which are not in line with the underlying commercial operation of the business. The ElringKlinger Group believes in operating fairly, honestly and always in line with the spirit of the law in the territories that it operates in. The UK is no different.
The UK Group will seek to engage the advice of professional advisors to ensure that its tax affairs comply with all current tax legislation, including in relation to its annual compliance matters.
Approach to working with HMRC
We seek to operate openly, honestly and with full transparency with the UK tax authorities. This includes providing relevant information as required by UK law on time and when requested by HMRC. Where relevant, the UK Group will seek to agree clearance with HMRC in advance of undertaking transactions.