Tax Policy
Introduction
The Topland Group (‘Topland’) is one of the largest family office property investment and development groups in the UK with a diverse property portfolio, both sector-wise and geographically. Whilst its principal activity is property investment and development, Topland also has a structured finance division which predominantly provides bridging loans on a broad range of property related transactions.
This document has been approved by the main board of directors and sets out the policy and approach adopted in conducting its tax affairs and dealing with tax risk. Topland is committed to complying with tax laws in a responsible manner and to having open and constructive relationships with tax authorities. The board of directors continues to be cognisant of the on-going changes to UK tax laws and so monitors this policy document to ensure it evolves appropriately with the tax environment.
The tax policy follows Topland’s business strategy and is adopted and followed consistently to ensure all obligations are fully complied with and its tax affairs are managed appropriately.
Group Tax Policy
Topland is committed to act with integrity and transparency on all of its tax compliance and reporting duties. Our commitment is underpinned by the following principles:
1. Tax planning
Aligned with our policy of being compliant with both tax legislation and HMRC interpretation, the Topland Group will seek to arrange its affairs in such a way as to ensure that it maximises all available reliefs. Business activities and transactions are driven by commercial objectives and Topland will continue to have a strong focus on compliance with all applicable tax legislation.
2. Relationships with HMRC
Topland is committed to working collaboratively and pro-actively with HMRC, through open and transparent dialogue to ensure it is compliant with all of its compliance and filing obligations. There is periodic contact with HMRC and Topland seeks to respond to HMRC queries or other communications in a full and timely manner.
3. Tax risk management
Taxation risk is mitigated through internal procedures and the use of specialists where appropriate. Where there is uncertainty over the appropriate tax treatment, Topland will seek specialist external advice or liaise with HMRC around the relevant issue(s) to discuss the appropriate tax treatment. Further to seeking specialist advice, there may still exist inherent risk and uncertainty with regards to a specific treatment. When assessing the level of any remaining risk, Topland will seek to take a balanced approach, taking additional third-party advice as appropriate.
The wider finance team is staffed by suitably qualified individuals, with the Chief Financial Officer and Group Head of Tax both having wide tax experience. Areas of tax risk are typically highlighted by the Group Head of Tax, other Topland employees or by external advisers, and are then escalated to the Chief Financial Officer when needed.
4. Governance
Tax is the ultimate responsibility of the Topland board of directors. The Chief Financial Officer, with support from the Group Head of Tax, manages and implements Topland’s approach to tax, as approved by the board of directors. The Chief Financial Officer, with support from the Group Head of Tax, is also responsible for ensuring that policies and procedures that support the approach are in place and adhered to. Topland’s greatest tax risk areas are identified by considering areas of high value taxation, new and unfamiliar transactions, or transactions with which there exists inherent tax complexity or uncertainty. Internal review, predominantly the responsibility of the Group Head of Tax, is directed to these higher risk areas, with external advisers also engaged whenever relevant or necessary in circumstances where additional resource or expertise may be appropriate, in order to mitigate these tax risks. The preparation and submission of Topland’s UK Corporation Tax returns is undertaken by a leading accounting firm with specialist industry experience, and it is a key principle that all tax returns are filed and payments are made on a timely basis.
This tax strategy relates to the accounting year ended 31 May 2024 and has been prepared in compliance with the duty of Topland to publish its tax strategy in accordance with paragraph 16 (2) of Schedule 19 of the Finance Act 2016.