Terms of Website Use
1. Information about Us
www.avolon.aero is a site operated by Avolon Aerospace Leasing Limited (“We” or “Us”). We are registered in the Cayman Islands under company number 236969 and have our registered office at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. Our main trading address is Number One Ballsbridge, Building 1, Shelbourne Road, Ballsbridge, Dublin 4. Our VAT number is 9742126P. We are a private limited company.
2. Accessing our site
Access to our site is permitted on a temporary basis, and we reserve the right to withdraw or amend the service we provide on our site without notice (see below). We will not be liable if for any reason our site is unavailable at any time or for any period.
3. Intellectual Property Rights
We are the owner or the licensee of all intellectual property rights in our site, and in the material published on it. Those works are protected by copyright laws and treaties around the world. All such rights are reserved.
You may print off one copy, and may download extracts, of any page(s) from our site for your personal reference and you may draw the attention of others within your organisation to material posted on our site.
You must not modify the paper or digital copies of any materials you have printed off or downloaded in any way, and you must not use any illustrations, photographs, video or audio sequences or any graphics separately from any accompanying text.
Our status (and that of any identified contributors) as the authors of material on our site must always be acknowledged.
You must not use any part of the materials on our site for commercial purposes without obtaining a licence to do so from us or our licensors.
4. Reliance on Information Posted
Commentary and other materials posted on our site are not intended to amount to advice on which reliance should be placed. We therefore disclaim all liability and responsibility arising from any reliance placed on such materials by any visitor to our site, or by anyone who may be informed of any of its contents.
5. Our Site changes regularly
We aim to update our site regularly, and may change the content at any time. If the need arises, we may suspend access to our site, or close it indefinitely. Any of the material on our site may be out of date at any given time, and we are under no obligation to update such material.
6. Our Liability
The material displayed on our site is provided without any guarantees, conditions or warranties as to its accuracy. To the extent permitted by law, we, other members of our group of companies and third parties connected to Us hereby expressly exclude:
6.1 all conditions, warranties and other terms which might otherwise be implied by statute, common law or the law of equity.
6.2 any liability for any direct, indirect or consequential loss or damage incurred by any user in connection with our site or in connection with the use, inability to use, or results of the use of our site, any websites linked to it and any materials posted on it, including, without limitation any liability for:
6.3 loss of income or revenue, loss of business, loss of profits or contracts, loss of anticipated savings, loss of data, loss of goodwill or wasted management or office time; and
6.4 any liability for any other loss or damage of any kind, however arising and whether caused by tort (including negligence), breach of contract or otherwise, even if foreseeable, provided that this condition shall not prevent claims for loss of or damage to your tangible property or any other claims for direct financial loss that are not excluded by any of the categories set out above.
This does not affect our liability for death or personal injury arising from our negligence, nor our liability for fraudulent misrepresentation or misrepresentation as to a fundamental matter, nor any other liability which cannot be excluded or limited under applicable law.
7. UK Tax Strategy
This document sets out the UK Tax Strategy of Avolon Aerospace UK 5 Limited, Avolon Aerospace UK 7 Limited, Avolon Aerospace UK 8 Limited Avolon Aerospace UK 9 Limited, CIT Aviation Finance I (UK) Limited, CIT Aviation Finance II (UK) Limited, CIT Capital Aviation (UK) Limited, HKAC Rentals (UK) CO. Limited and EAF Leasing UK 1 Limited (together “the companies”) in accordance with s161 and s22 (2) Schedule 19 of the Finance Act 2016.
This Tax Strategy applies to all UK taxes as set out in s15 of Schedule 19 Finance Act 2016 and any reference to ‘tax’, ‘taxes’, or ‘taxation’ are to all taxes as defined within.
This Tax Strategy will be owned by the Board and will be reviewed annually with any proposed amendments ultimately discussed and approved by the Board. The Board is responsible for setting and monitoring the Tax Strategy with assistance from Group finance and tax functions. All references to ‘Avolon’ or ‘the Company’ henceforth are a reference to the companies.
Headquartered in Ireland, with offices in the United States, Dubai, Singapore, Hong Kong and Shanghai, Avolon provides aircraft leasing and lease management services. Avolon is 70% owned by an indirect subsidiary of Bohai Leasing Co. Ltd., a Chinese public company listed on the Shenzhen Stock Exchange (SLE: 000415), and 30% owned by ORIX Aviation Systems, a subsidiary of ORIX Corporation, which is listed on the Tokyo and New York Stock Exchanges (TSE: 8591; NYSE: IX). Avolon is the world’s third largest aircraft leasing business.
To ensure compliance with relevant laws and filing obligations to achieve the following overall objectives in relation to tax:
Ensuring compliance with all relevant laws and regulations to ensure that the correct amount of tax is paid;
Paying the appropriate amount of tax at the appropriate time;
Ensuring that any transactions undertaken to grow the Company are effected tax efficiently in accordance with all relevant UK tax law and legislation; and
To maintain a reputation as a fair contributor to the UK economy and applying tax rules in good faith and in the spirit they were intended.
Risk management and governance arrangements
The Board has responsibility for the communication of the Tax Strategy to ensure these tax objectives are achieved. The Group finance and tax functions have responsibility for the implementation of the Tax Strategy and reporting back to the Board.
Tax compliance issues are monitored and where the tax treatment of certain items is uncertain, Group Tax and external advisers are consulted to provide expert advice.
This policy ensures compliance with all relevant laws, rules, regulations, reporting and disclosure requirements in order to achieve the tax objective of paying the appropriate amount of tax at the appropriate time.
Avolon does not support or engage in aggressive or artificial tax planning, the sole purpose of which is to avoid UK tax or which contravenes relevant legislation. All tax decisions and planning are consistent with Avolon’s strategy to maximise after tax returns to shareholders in an ethical and sustainable way. Avolon will consider various tax costs and risks when making commercial decisions, making use of available tax incentives and reliefs where appropriate and consideration of different scenarios from a commercial perspective which may result in different tax liabilities. Avolon will not use these tax incentives or reliefs in ways that was not intended for by their introduction.
Avolon seeks to comply fully with all relevant tax law and to act in a manner that will allow it to be a responsible corporate citizen. Advice is taken from Group Tax and external advisors to enable the Board to appropriately manage tax risk and to determine what, if any, action should be taken to manage those risks.
The Board is aware of potential adverse publicity associated with a negative attitude towards tax and seeks in all commercial decisions to manage this reputational risk. The Board does not set a level of acceptable risk and instead judges each on a case by case basis.
Relationship with HMRC
Avolon is committed to the principles of openness and transparency in its approach to dealing with HMRC, and in particular commits to:
- Make fair, accurate and timely disclosure in correspondence and returns, and respond to queries and information requests openly and honestly in a timely fashion;
- Seek to resolve issues with HMRC in a timely manner, 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;
- Interpret the relevant laws in a reasonable way, and ensure transactions are structured consistently;
- Ensure all interactions with HMRC are conducted in an open, collaborative and professional manner; and
- Fully disclose and correct any inadvertent errors in submissions to HMRC a as soon as is reasonably practicable after they are identified and to implement controls to ensure future compliance.
28 Feb 2020
Avolon Delivers One Airbus A320neo to SAS
Third Avolon aircraft on lease to SASread more
20 Feb 2020
Avolon Announces Closing of US$620 Million Fixed Rate Notes by Sapphire 2020-1 Platform
Deal represents lowest debt yield of any aircraft ABS issuance over the last decaderead more
12 Feb 2020
Watch Dómhnal Slattery’s Interview on CNBC Europe
Dómhnal Slattery discusses Avolon’s record 2019 FY and the outlook for the aviation industryread more