Disclaimers & disclosures
CADOGAN GROUP LIMITED STATEMENT OF TAX PRINCIPLES
The Cadogan Estate includes approximately 93 acres of Chelsea and Knightsbridge and has been under the same family ownership for 300 years. The aim of the business is to contribute positively to Chelsea and the broader area in which the business operates. We aim to be a force for good in the locality, whether this relates to our dealings with local residents, with tenants, with visitors to the area or with the various authorities, most importantly the Royal Borough of Kensington & Chelsea, with whom we interact.
Risk management and governance arrangements in relation to taxation
Cadogan Group Limited and its subsidiaries (“the Group”) has a well-developed strategy and process for the management of risks faced by the business. The Governance of our business is led by the Board of Directors, which is committed to ensuring that the Group continues to meet its business, financial and sustainability objectives. Management of risk is an essential element in any modern business. Overall responsibility for risk management lies with the Board of Directors, which recognises that there are inherent risks in running any business and which is responsible for determining the Group’s risk appetite and ensuring that the Group’s risk management system properly identifies, understands and manages all relevant risks.
The Group’s tax strategy is focused on ensuring that we meet all of our UK tax compliance, filing and payment obligations, fulfilling the Senior Accounting Officer (SAO) obligations in relation to ensuring that our tax accounting arrangements are appropriate, and continuing to be considered a business with a low risk by HM Revenue & Customs (HMRC).
The Group’s Finance Director takes overall responsibility for ensuring the Group’s compliance with all taxation rules and regulations, and reports back to the Board of Directors as appropriate. He keeps in close contact with the Group’s external tax advisers and also monitors the actions of the internal team under him on a regular basis. There is a comprehensive set of systems, procedures and controls to ensure that the Group’s level of tax risk remains at acceptable levels and its statutory obligations are met.
The Group refers in its Annual Report to the total tax contribution that the Group makes to the UK economy whether by way of tax borne by the Group, or collected and remitted to HMRC.
The level of risk in relation to taxation that we are prepared to accept
Our attitude towards tax risk is primarily governed by the Board’s objectives to retain our low-risk rating from HMRC. We have a low tolerance towards tax risk. When considering tax risk, the Board will take into account the view of our stakeholders as well as the likely views or perceptions of third parties such as HMRC and the general public.
Our attitude towards tax planning
It is the Group’s policy to comply with tax legislation concerning all forms of taxation while taking advantage of accepted and efficient practices for minimising the cost to the business. The Group does not take part in any tax avoidance scheme. The Group takes specialist advice from its external tax advisers in the normal course of our business in order to ensure compliance with respect to developments in tax legislation.
Our approach towards our dealings with tax authorities
As a large business in the UK within HMRC’s Large Business directorate, the Group is assigned a customer relationship manager (CRM).
The Finance Director keeps in regular contact with the CRM. The Finance Director will ensure that they meet with the CRM at least once a year to discuss business developments with HMRC on a real time basis to ensure the compliance process is efficient and areas of uncertainty are identified early and subsequently resolved.
The Group regards this publication as complying with its duty to publish its tax strategy in accordance with current tax legislation.