This Policy applies to Duke Street Property Limited and its affiliated UK companies (noted in Section 4 below) (collectively, “Duke Street Companies” or the “Group”). This policy is published in compliance with paragraph 19 (2) of Schedule 19 of the Finance Act 2016, in respect of the financial year ending 31 December 2022.
This Policy applies from the date of publication until it is amended or modified.
1. Background
Duke Street Companies invest in and manage real estate in London.
2. Tax strategy and guiding principles
The Group is committed to compliance with all statutory and regulatory obligations, appropriate transparency and disclosure to relevant taxation authorities and the payment of the right amount of tax. The Group’s tax affairs are managed consistently with the Group’s reputation and high standards of governance. The Group has a zero-tolerance approach to tax evasion and the facilitation of tax evasion by anyone working on behalf of the business.
The Policy is enabled by the effective operation of the tax function in a way that is consistent with the Group’s values.
3. Tax strategy objectives
3.1 Work together with advisors and stakeholders to comply with all applicable statutory tax obligations and undertake responsible tax planning
The Group ensures compliance with all applicable tax laws, rules, regulations, and disclosure requirements. The Group does not undertake tax planning unrelated to its commercial transactions. Where applicable, tax incentives, reliefs and exemptions may be utilised as part of these commercial transactions and aligned to relevant tax authority guidance and the spirit of the tax legislation.
Risk management and compliance is carried out by an internal team of qualified accounting or tax professionals with the assistance of external advisors. The Group seeks to achieve certainty in its tax affairs and maintain a reputation as a responsible corporate citizen.
Tax risks are identified through the Group’s governance processes as a component of the overall internal control framework applicable to the Group’s financing reporting system and discussions with auditors, external tax advisors and HMRC. These are formally documented as part of the Senior Accounting Officer obligations. Ultimately, the responsibility for tax strategy and compliance rests with the Board of Directors of each company in the Group.
Key controls are implemented to ensure the timely collection and remittance of all forms of tax including VAT, income tax and payroll tax. Controls are actively monitored to ensure risk mitigation to acceptable levels, and for design and operating effectiveness. Business and legislative changes are monitored to assess the impact on existing procedures and controls and related tax risks.
Care is taken to ensure the appropriate tax is calculated and remitted but if the Group becomes aware of an error, it would be disclosed, and any additional charges paid if applicable. The Group would also revisit its procedures and controls to ensure the error is not repeated.
3.2 Contribute to the economic environment in which we operate
Paying its fair share of tax is part of the Group’s responsibility of managing a business with integrity. The Group is committed to the highest standards of ethical conduct and recognises its social responsibility to make a fair economic contribution and give back to the communities in which they operate.
3.3 Maintain a collaborative and transparent relationship with tax authorities
The Group is committed to an open, transparent, and constructive relationship with HMRC. The focus is to conduct all its matters with HMRC in a collaborative, courteous and timely manner when discussing current, future, and retrospective tax risks, business developments and interpretation of law in respect of all relevant taxes. Where appropriate, the Group seeks HMRC’s agreement before proceeding with a transaction and tries to avoid situations where a potential dispute or conflict may arise.
Any inadvertent errors in submissions made to HMRC are disclosed as soon as reasonably practicable after they are identified.
4. List of entities covered by this Tax Policy
- Duke Street Property Limited
- Dupict Properties Limited
- 39 Dukeson Properties Limited
- 31-37 Dukeson Properties Limited
- 105 Whichmore Properties Limited
- 103 Whichmore Properties Limited
- 101 Whichmore Properties Limited
- 39 Scotland Limited
- 39 Scottish Limited Partnership