Mishcon de Reya LLP (Mishcon de Reya) is a Limited Liability Partnership organised in the United Kingdom and registered in England and Wales.
This UK tax strategy statement applies to Mishcon de Reya and its affiliated entities for the financial year ended 9 April 2023 and will be republished annually. Our publication of this strategy is in accordance with our statutory obligation under Paragraph 16(2) and 25, Schedule 19, Finance Act 2016.
Mishcon de Reya has clear Core Values which govern its approach to business and operations. Among our Core Values is a commitment to act with integrity and frankness, and to build a sustainable, well managed and profitable business. Our approach to tax is underpinned by these Core Values. We are also committed to having a material positive impact on society. A tax compliant group, paying the correct amount of tax, will play a part in this objective.
Tax risk management and governance
Due to the size of our business, its continued growth and its ever-increasing global presence, there is an inevitable exposure to tax risks. We proactively seek to identify, evaluate, manage and monitor tax risks to ensure they remain in line with our risk appetite.
We seek to monitor and manage these tax risks through investment in our people and those managing the day-to-day tax operations. Appropriate training and CPD is undertaken to ensure knowledge is up to date, relevant and that potential new risks are identified. Professional advisors are retained to provide third party support in any areas of material uncertainty. Our advisors also keep us abreast of important tax developments which could impact the business.
Ultimate responsibility for tax strategy, management of tax risk and tax compliance sits with the Management Board of Mishcon de Reya. Day to day responsibility for the management of our UK and International tax affairs is delegated by the Management Board to the in-house finance and tax team, who report to the Group Chief Finance Officer.
Attitude towards tax planning and level of risk
In line with its Core Values and the commitment to having a positive impact on society, we are committed to paying the correct amount of tax. We maintain appropriate arrangements and controls to ensure that tax liabilities are calculated accurately and the correct amount of tax paid.
When entering into commercial transactions or structuring changes, due consideration is given to the relevant tax laws of all countries party to the transaction. We do not undertake aggressive tax planning but will ensure first and foremost that applicable tax laws are followed, the end result is in line with the commercial and economic aim, tax efficiencies are achieved, and the appropriate reliefs, exemptions and incentives are claimed where possible in line with the spirit and letter of the law.
Relationship with HMRC
In line with our Core Values, the Group seeks to have a relationship with HMRC based upon shared trust and respect, acting with integrity and openness in all our dealings with them.
When submitting tax computations and returns to HMRC, we disclose all relevant facts and identify any transactions or issues where the tax treatment is considered uncertain. Where appropriate we will seek formal or informal clearance from HMRC on uncertain tax positions insofar as they relate to our tax affairs.