Tax Strategy

Principal Hotels Topco 1 Limited and its wholly owned subsidiaries (hereafter referred to as “De Vere”) present their tax strategy for the year ending 31 December 2018.

De Vere considers that this document meets the requirements of Finance Act 2016, Schedule 19.

This document has been approved by the Board of De Vere and will be reviewed as necessary for future periods.

 

De Vere brings together a collection of unique properties across the UK, currently with 19 landmark properties under the brand name ‘De Vere’, together with our partner hotels. As a business wholly carried on in the UK, the tax profile of De Vere is not complex.

 

Approach to tax planning

De Vere is committed to observing all applicable laws, reporting and disclosure requirements.

Further, De Vere respects both the spirit and intent of tax legislation, and does not engage in any contrived or artificial tax arrangements lacking economic or commercial substance.

 

Level of acceptable tax risk

De Vere takes a conservative approach to managing tax risk, monitoring tax risks through governance procedures that are in place across the business.

 

Approach to risk management and governance

De Vere has an experienced in-house finance team who manage its day-to-day tax matters. The Board of De Vere oversees this team. The Board are also made aware of any complex tax risks experienced by the business.

De Vere seeks advice from professional tax advisers, and where appropriate seeks HM Revenue & Customs agreement, in relation to non-routine or complex matters.

 

Transparency

De Vere fully supports all measures (such as the Organisation for Economic Cooperation and Development’s Base Erosion and Profit Sharing initiative) to ensure companies are appropriately transparent about the management of their tax affairs.

Such transparency makes clear to our customers, suppliers, shareholders and other stakeholders the significant contribution that De Vere makes to society.

 

Approach to dealing with tax authorities

De Vere recognises that by its very nature, tax can be both complex and uncertain.

De Vere seeks to maintain a collaborative and transparent relationship with HM Revenue & Customs.

De Vere will proactively work with HM Revenue & Customs to address any uncertainty.

Any queries or information requests from HM Revenue & Customs are dealt with in a timely manner, and De Vere will always seek to resolve any ‘open’ items as quickly as possible.

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