A New Future for Stoke Park

Introduction

 

In compliance with relevant provisions of Section 161 and paragraph 22(2) Schedule 19 of the Finance Act 2016, Stoke Park Limited, UK sets out its tax strategy for the year ending 31 December 2023. This strategy has been reviewed and approved by the Board of Directors, whose duty it is to ensure that it remains compliant with UK legislation, and it will be periodically reviewed and amended as necessary.

Stoke Park Limited is a group entity of Reliance Industries Limited which is a public traded company listed on the Bombay Stock Exchange and National Stock Exchange of India.

 

Risk management and governance arrangements

Stoke Park Limited, operates using policies, procedures and controls, which require compliance with the relevant UK legislation relating to direct and indirect taxes. These policies, procedures and controls are monitored by the Directors of Stoke Park Limited and tax advisors. At all times, Stoke Park Limited, acts in accordance with a set of ethics that is based upon integrity and transparency.

Tax planning and tax risk

 

Tax planning is part of our overall strategy and business decision-making process, which aims to maximise sustainable stakeholder value based on a range of business activities. The business seeks to use applicable tax concessions and reliefs in line with the spirit of the legislation and will not implement or utilise tax avoidance strategies or seek to exploit ambiguity. Transactions between affiliate entities are on an arms- length-basis.

 

Tax risk is just one of the commercial risks to which the business is subject and management of this risk aims to ensure that the right amount of tax is paid and that HMRC reporting and disclosure requirements are met. Tax risk is managed in the same way as any other risk and if there is uncertainty over tax treatment or interpretation third party advice may be sought, and / or, have a direct dialogue with tax authorities.

 

Working with HMRC

 

We aim to have an open and transparent relationship with HMRC providing relevant information to enable HMRC to review possible tax risks in the course of their normal risk assessment procedures.

 

It is our intention to work collaboratively with HMRC to make fair, accurate and timely disclosures, highlighting where significant uncertainty exists in relation to tax matters. Whilst we would not take a position on our tax affairs that may create reputational risk, where disagreements arise we would seek to proactively work together to achieve early agreement on such disputed issues.