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UK Tax Strategy

Chesnara plc

UK Tax Strategy

Published December 2024

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The Board of Chesnara plc is responsible for ensuring that the tax obligations of the Group are understood, complied with and managed appropriately. Fulfilling its tax obligations and maintaining a transparent and cooperative relationship with HMRC is integral to the Group’s Tax Strategy.

Our Tax Strategy

The tax strategy for the Chesnara plc Group sets out our approach to the management of the Group’s tax affairs.

The Tax Strategy is reviewed annually and changes discussed with the Board.

Our tax objectives

Our tax strategy consists of three main principles:

  • Commitment to tax compliance;
  • Responsible attitude to arranging our tax affairs; and
  • The effective management of the risks associated with tax compliance.

These principles are discussed in more detail below.

Commitment to compliance

We are committed to compliance with tax law and practice in the UK. Compliance for us means paying the right amount of tax in the right place at the right time. It involves disclosing all relevant facts and circumstances to the tax authorities and claiming reliefs and incentives where available.

Responsible attitude to arranging our tax affairs

In structuring our commercial activities we will consider, among other factors, the tax laws of the countries in which we operate, with a view to maximising value on a sustainable basis for our stakeholders. For example, we will often look to take steps to reduce the risk of double taxation (i.e. the same income being taxed twice in two different jurisdictions). Any structuring that is undertaken will have commercial and economic substance and will have full regard to the potential impact on our reputation and broader goals. We will not put in place any arrangements that are contrived or artificial.

Effective risk management

Risks will inevitably arise from time to time in relation to the interpretation of complex tax law and our tax compliance arrangements.
The Group has no risk appetite with regards to breaching relevant UK tax rules and legislation. As a consequence, we actively seek to identify, evaluate, monitor and manage these risks to ensure they remain in line with our objectives. Where there is significant uncertainty or complexity in relation to a risk, external advice may be sought, particularly in relation to changes in existing or the introduction of new tax legislation.

Constructive approach to engaging with HMRC

We engage with HMRC with honesty, integrity, respect and fairness and in a spirit of co-operative compliance. Wherever possible, we do so on a real time basis, to minimise tax risk. Whilst we will not take positions on tax matters that may create reputational risk or jeopardise our good standing with taxing authorities, we are however prepared to litigate where we disagree with a ruling or decision of a tax authority, having always first sought to resolve any disputed matters through active and transparent discussion.

Board ownership and oversight

This tax strategy is aligned with our Corporate Governance Map and is approved and owned by the Executive and overseen by the Board.
Chesnara plc regards this tax strategy as complying with the duty under paragraph 16(2) and paragraph 25(1), Schedule 19 of the Finance Act 2016.






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