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Tax strategy for The New West Port Corporation Ltd (West Port)

Adopted and approved by the Board of Directors of The New West Port Corporation Limited at an extraordinary meeting on 27 November 2018.

West Port manufactures and sells timber windows and doors throughout the UK and is a stand alone legal entity.

Our tax strategy and approach to tax is built on a commitment to be a good corporate citizen, whilst being conscious of the need for profitability.

The following statement of our tax strategy is aimed at meeting the requirements set out in schedule 19, para 16 of the Finance Act 2016.

I. Approach of the business to tax risk management and governance

West Port, when preparing tax returns, aims to respecting both the wording and the spirit of the legis-lation.

When a transaction is changed or a new transaction is contemplated, or if relevant laws change, we aim at evaluating any effect and tax risk associated with the change. We have limited in-house tax ex-pertise but ensure that relevant staff are sufficiently trained to either determine the appropriate tax treatment or to identify when external advice is required.

The Board of Directors of West Port are informed about tax, including tax risks, in its annual meeting with our external advisors. In addition, should a tax risk arise in-between such meetings the risk is communicated by the Management of the Company to the external advisors who in turn advise the Board of Directors.

II. Level of Risk Prepared to Accept

Tax is complex. It involves detailed legislation, different in each country, as well as international law, regulations and guidelines. It is inevitable that the tax effects of business transactions entail some lev-el of risk that the tax authorities may take a different view than the tax payer. Furthermore, tax authori-ties in different jurisdictions might disagree, we consider the level of risk is low for West Port due to the nature of international transactions being carried out are with none associated parties.

West Port is committed to properly reflect the tax effects of its commercial reality in the tax it pays. We do not accept risk that could have more than a low impact on our payable tax. Where the involved amounts and complexity of the involved regulations or facts are significant, we obtain expert advice on the level of risk and the ways to manage and reduce it. We also, where appropriate, seek clarifica-tion through open and honest communication with the tax authorities.

III. Attitude of the business towards tax planning

Business in West Port is driven by the commercial rationale. However, in a complex legislative envi-ronment, it is necessary for businesses to plan ordinary business changes or transactions to avoid un-intended tax consequences, such as double taxation. We do consider the tax consequences of com-mercial transactions and we do claim relevant allowances and incentives. We do not engage in artifi-cial non-business driven planning of transactions or business structures solely for the purpose of re-ducing tax.

IV. Approach towards dealing with tax authorities

West Port’s approach towards dealing with tax authorities is that appropriate communication must be timely, honest and open. If relevant we seek clarification of uncertainties in dialogue with the relevant tax authorities. We are committed to ensuring correct payment of tax by seeking to amend any mis-takes in tax returns discovered even after their filing.

We respect the expertise held by tax authorities’ officials in all matters related to tax, but reserve the right to disagree with the interpretation of laws and guidelines. In such cases, we seek clarification of the disagreement by way of the legitimate means.

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