Weybourne – UK Tax Strategy
1. Introduction
Weybourne Limited and its subsidiaries (“Weybourne Ltd”) are a UK subgroup of Weybourne Holdings Pte Ltd and this document deals with Weybourne Ltd’s obligations under Paragraph 16(2) of Schedule 19 of the Finance Act 2016 to publish a UK tax strategy in respect of the period ended 31 December 2024.
By way of background, Weybourne Holdings Pte Ltd and its subsidiaries (the “Weybourne Group”) operate across the world. The Weybourne Group is headquartered in Singapore. Its main operation is Dyson Holdings Pte Ltd and its subsidiaries (the “Dyson Group”) whose principal activity is the development of new technology and the manufacture and sale of products incorporating that technology. The Weybourne Group also includes Dyson Farming Ltd, which owns and farms land in the UK. In addition, Weybourne Holdings Pte Ltd operates an ancillary financial investment and commercial property business. The Weybourne Group is subject to tax across a number of countries and under different tax regimes, including the UK.
The Weybourne Group also has a Tax Policy which provides a comprehensive framework to ensure tax compliance and protect the Weybourne Group from any financial, reputational, operational, or legal risk. It is designed to help all employees understand the tax risks involved and how best to protect the Weybourne Group from them.
The Weybourne Group has a zero tolerance towards tax evasion and the criminal facilitation of tax evasion. In addition, the Weybourne Group ensures compliance with all tax law requirements.
2. Tax planning strategy
The Weybourne Group has a documented code of conduct, to which Weybourne Ltd must comply. Amongst the principles enshrined in it are compliance with the law and with moral obligations. All staff are required to follow these principles, in all dealings in relation to UK tax. The Weybourne Group ensures that all its UK tax obligations are met as required and seeks to ensure that UK tax is paid where and when it is due.
Weybourne Ltd interprets UK tax laws in the way it believes they were intended to apply and does not seek to use UK tax laws in a contrived manner.
In cross-border matters, the Weybourne Group follows the terms of double tax treaties and relevant OECD guidelines in dealing with matters such as transfer pricing and establishing taxable presence.
3. Relationships with tax authorities
Weybourne Ltd is open and transparent with the UK tax authorities and seeks to achieve certainty on a real-time basis, and early agreement, where possible.
Where the amount of UK tax due is subject to a significant degree of uncertainty, Weybourne Ltd actively engages with the UK tax authorities and seeks advance clearances as to the level of profits taxable. By working with the UK tax authorities, where possible in real-time through an open relationship, Weybourne Ltd increases certainty over its tax affairs.
Due to the complexity of UK tax legislation, Weybourne Ltd and the UK tax authorities may occasionally have differing opinions on the treatment of certain tax items. Where this is the case, Weybourne Ltd works with the UK tax authorities to reach resolution as promptly as possible.
4. Tax risk management
Weybourne Ltd’s risk management (which includes tax risks) is overseen by the Board, supported by the Weybourne Ltd Audit Committee, to which the Internal Audit function reports.
Weybourne Ltd maintains an up-to-date register of tax risks. All material tax risks are discussed with the Internal Audit function to ensure adequate controls and processes are in place to monitor and report against such risks.
The two key tax risks, and details of how Weybourne Ltd manages them are:
a) Complexity and changes in legislation – Weybourne Ltd is subject to tax in the UK. UK tax legislation is complex and is typically updated on an annual basis. To keep up with these changes, Weybourne Ltd ensures that its tax function has access to tax updates, access to specialist training and opportunities to obtain professional tax qualifications. Weybourne Ltd also uses the services of external tax advisors as and when required.
b) Compliance and reporting risk – Weybourne Ltd is required to meet many different UK tax compliance and reporting obligations. If these are not complied with, Weybourne Ltd could suffer penalties and interest. Weybourne Ltd uses a combination of timetables and checklists to ensure that all compliance and reporting obligations are met in accordance with statutory deadlines.
5. Governance
The Finance Director (FD) is responsible for the implementation of the UK Group’s approach to tax. As part of the annual financial reporting process, the FD communicates relevant information on Weybourne Ltd’s tax position to the Board of Directors.
The responsibility for the day-to-day management of Weybourne Ltd’s tax operations is devolved to the internal tax function, which are staffed by appropriately qualified and trained employees. External tax support is sought on occasions when specialist expertise is required or when Weybourne Ltd wishes to seek advice on the UK tax position of a particular matter.
6. Further information
his UK Tax Strategy reflects Weybourne Ltd’s approach to tax but does not cover UK subgroups of the Dyson Group. The UK tax strategy is reviewed and updated annually.
This document complies with the Weybourne Ltd’s obligations under Paragraph 16(2) of Schedule 19 of the Finance Act 2016 to publish a tax strategy in respect of the period ended 31 December 2024.
Approved by: Sir James Bucknall, Director
Date: December 2024
On behalf of Weybourne Limited
