- Sports Partners
T: +44 0 1908 625625
F: +44 0 1908 625635
Yokohama HPT Ltd Dawson Road, Mount Farm, Bletchley, Milton Keynes, MK1 1QY
Registered in England No. 2278174
This tax strategy applies to all UK taxes applicable to the company and this document is owned by the Board of Directors (“the Board”). It will be reviewed annually, updated as appropriate and approved by the Board. The Board is responsible for setting and monitoring this strategy. The finance team is accountable to the Board for the implementation of the tax strategy and the management of tax and its’ related risk.
Our tax strategy reflects our status as a subsidiary of an internationally recognised company which requires strong governance and consideration of our reputation, while delivering returns to shareholders. Our tax strategy also reflects the regulated nature of our business, which requires further compliance with local laws and regulations.
How the Company manages its UK tax risks
The company’s approach to UK tax risk management and governance is based on the principles of reasonable care and materiality. The company maintains on-going application of tax governance with strong internal controls in order to substantially reduce tax risk to materially acceptable levels.
The Company’s attitude to UK tax planning
The company will not engage in artificial transactions the sole purpose of which is to reduce UK tax. The company will not engage in tax efficiencies if the underlying commercial objectives do not support the position, or if the arrangements impact upon the company’s reputation, brand, corporate and social responsibilities, or future working relationships with HMRC; any tax planning is secondary to any commercial decisions. The company’s tax strategy is complementary to its corporate governance.
The Company and its UK tax risks
Given the activities of the company’s business and the volume of tax obligations, tax risks will increasingly arise from time to time and we proactively identify, evaluate and monitor those risks to ensure they are in line with the company’s broad attitude to risk.
Commitment to Compliance
The company is committed to comply with all UK tax legislation; it will pay the correct amount of tax at the correct time and where applicable utilise reliefs and incentives provided by legislation.
Working with HMRC
The company will comply with all relevant legal disclosure and approval requirements and all information will be clearly presented to HMRC as appropriate. In its dealings with HMRC, the company will act in an open, honest and transparent manner. The strategic aim is to avoid unnecessary disputes with HMRC and thus minimise tax risk.
This Tax Strategy document is communicated to all the relevant stakeholders within the UK, from the Senior Executives making regular commercial decisions to those individuals who are involved in the daily tax processes/procedures that we operate, so that it is firmly embedded in the company’s culture. This Tax Strategy will be subject to continuous review by these stakeholders to ensure that the company is adhering to its strategic aims and objectives and these reviews will be documented and made available to the Board as part of its annual review.
This paper sets out the tax strategy of the company, and in making this strategy available is fulfilling its responsibilities under Schedule 19 of the Finance Act 2016.