We note that other non-regulated UK subsidiaries within the SoftBank Group (“non-regulated UK group”) have elected to follow the same UK tax strategy and tax standards as SBIA UK (available here) with the following amendments.
As part of our governance arrangements, we keep track of the UK entities that are included within the UK tax strategy set out below. Where appropriate, certain UK entities within our independent operating sub-groups have published their own separate UK tax strategy.
We regard the publication of this tax strategy as complying with our obligation under paragraph 16(2) of Schedule 19 of the Finance Act 2016.
Our policy on tax risk is in alignment with the wider risk appetite of the non-regulated UK group.
The non-regulated UK group works with experienced professional firms to ensure that its entities comply with their legal obligations in relation to UK tax filing, tax reporting and tax payments.
An important component of our UK tax risk management is the composition of the tax team, which is made up of qualified and experienced tax professionals. The UK tax team provides an oversight role in identifying, managing and monitoring tax risks in addition to providing advice on tax issues and preparing or reviewing tax filings.
We acknowledge our responsibility to pay an appropriate amount of UK tax in line with our business activities in the UK.
In balance with this, we recognise that we have a fiduciary responsibility to our stakeholders to realise our commercial objectives in a tax efficient way.
In line with the above statements we aim to ensure that the UK tax paid on our business activities is based on a reasonable interpretation of the intention of the UK tax legislation and that our activities do not result in unanticipated tax costs for our stakeholders.
We obtain tax advice from qualified and experienced professional service firms and, where there is a high level of uncertainty or complexity, we seek clearance from HMRC to validate our understanding of the UK tax legislation.
We will not undertake any UK tax planning where there is no commercial motive of a transaction and the only purpose is to create a tax benefit.
Our appetite for accepted UK tax risk is low, in line with the overall risk appetite of the non-regulated UK group.
Our aim is to work cooperatively with HMRC through an open and transparent relationship. We proactively inform HMRC of key business developments of our UK group operations on a real time basis.
Where any material areas of uncertainty are identified in the UK tax legislation, which give rise to current, future or past tax risks that are relevant to our UK operations, we approach HMRC proactively to resolve these areas and provide greater certainty in advance of our tax filings.
The publication of this UK tax strategy is intended to comply with our obligations under Schedule 19, paragraph 16(2) of the Finance Act 2016. The contents of this document are not to be construed as legal, business or tax advice.