Tax Strategy

Secure Holdings Limited

Tax Strategy

  1. Introduction

Secure Holdings Limited is a UK Group whose principal activity is the design, manufacture and marketing of a range of products for the security market and it operates globally. The Groups ultimate parent company is Hangzhou Hikvision Digital Technology Co Ltd, incorporated in China.

This document sets out the strategic tax objectives of Secure Holdings Limited and its subsidiaries (“the Group”).

The Finance Director is responsible for leading the Tax Strategy. The strategy is approved by the Board of Directors and provided to the ultimate parent company tax department for review.

The document will be periodically reviewed and any amendments will be approved by the Board of Directors.

This document is primarily of relevance to the Finance Team together with the Board of Directors who are responsible for tax across the organisation.

2. Our Strategy

Secure Holdings Limited Group is committed to following all applicable laws and regulations relating to its tax activities.  The Group has clearly defined levels of responsibility for its tax affairs with decisions being taken in line with the Group’s tax authority thresholds, ensuring that they are taken at an appropriate level. The commercial needs of the business will in no circumstances override compliance with all applicable laws and regulations.

Approach to risk management and governance arrangements in relation to UK taxation

The tax strategy and objectives are intended to establish a clear and unequivocal approach to all aspects of tax reporting and compliance.

The tax strategy is focused on ensuring that taxes (and tax risks) are managed to provide outcomes consistent with commercial reality and are within the parameters of the Group’s strategic objectives.  The strategy also requires that all tax obligations are complied with in the UK and other relevant jurisdictions.

The day to day management of the Group’s tax affairs is provided by our Finance Director and Finance Team who have clear roles and responsibilities to ensure compliance with tax (and financial) requirements.

Attitude towards tax planning and level of risk it is prepared to accept

The Group has clearly defined lines of responsibility for its tax affairs.  The Finance Director is therefore involved in decision making and provides appropriate input into business proposals to ensure a clear understanding of the tax consequences of any decision made. In cases where the tax guidance is unclear or the Group does not feel it has the necessary expert knowledge to assess the tax consequences adequately, external advice may be sought to support the Group’s decision making process.

Constructive approach to dealing with HMRC

We will avoid unnecessary time consuming disputes wherever possible.

The group is committed to the principles of openness and transparency in its approach to deal with HMRC, and in particular the Group commits to:-

  • Adopt open and collaborative professional relationships at all times with HMRC.
  • Engage in full, open and early dialogue with HMRC to discuss tax planning, strategy, risks and significant transactions.
  • Make fair, accurate and timely disclosure in correspondence and returns, and respond to queries and information requests in a timely fashion.
  • Seek to resolve issues with HMRC in real time and before returns are filed if possible, and where disagreements arise work with HMRC to resolve issues by agreement where possible.

Be open and transparent about decision-making, governance and tax planning.

3. Governance

The Group employs various management processes and systems to provide assurance that the requirements of the Group’s tax strategy is met.

Governance, Assurance and Tax Risk Management responsibilities and accountability for the Group’s tax affairs is clearly defined and decisions will be taken at an appropriate level, determined by formal Group Delegation of Authority. Diligent professional care and judgement will be employed to assess tax risks in order to arrive at well reasoned conclusions on how the risks should be managed.


Use of Professional advisors

Where there is uncertainty as to the application or interpretation of tax law, appropriate written advice evidencing the facts, risks and conclusions may be taken from third party advisers to support the decision-making processes.

The Board of Directors review the Groups tax strategies on an ongoing basis.

Secure Holdings Limited regards this publication as complying with Part 2 of Schedule 19 of the 2016 Finance Act.

The Tax Strategy applies to the following companies: Hikvision UK Limited, Secure Holdings Limited, Pyronix Limited and Microwave Solutions Limited.