This document, approved by the Board of London Square Developments (Holdings) Ltd, sets out the tax strategy and approach undertaken by the Group of companies headed by London Square Developments (Holdings) Ltd (‘London Square’) in relation to how they conduct their tax affairs and deal with tax risks and is published in accordance with paragraph 16 (2), Schedule 19 of Finance Act 2016.
This document will be reviewed periodically by the finance team and any amendments will be approved by the Board. It is effective for the year ending 31 March 2024 and will remain effective until any amendments are approved by the Board, but it will be formally reviewed and approved on at least an annual basis.
London Square is committed to conducting its tax affairs in a manner to achieve the following objectives:
London Square’s strategic aims from a tax perspective are to:
London Square aims to maintain a conservative approach to tax and will not engage in artificial transactions where the sole purpose is to reduce the amount of tax payable.
The Group will, however, consider undertaking a transaction which gives rise to tax efficiencies providing this is aligned with its commercial activities and complies with the associated tax legislation.
London Square will not engage in tax efficiencies if the underlying commercial objectives do not support the position, or if the arrangements could potentially affect its reputation, brand, corporate and social responsibilities, or future working relationships with HMRC.
The London Square Board sets out the overall strategy of the Group in relation to Taxation, with overall responsibility for oversight of the tax affairs of the Group delegated to the Chief Financial Officer. The Chief Financial Officer is also the Senior Accounting Officer for all Group entities.
The Chief Financial Officer meets with the finance team and other senior managers throughout the year to review the tax risk and controls processes within the Group, as well as to discuss all other aspects of taxation. Furthermore, the Audit Committee receives an annual update on the tax position of the Group, including a summary of all HMRC activity in relation to the Group, and will discuss taxation at other meetings periodically throughout the year.
London Square deals with HMRC in an open, honest and transparent manner. The Group responds to all communications from HMRC promptly and aims to avoid unnecessary disputes with HMRC and this will be achieved by seeking pre‐transaction clearances from HMRC where appropriate.
Date published: April 2023