This document sets out Manchester Life’s Tax Strategy for the year ended 30 June 2025. It applies to all Manchester Life’s entities, which are listed at the end of this document. In this strategy, references to ‘Manchester Life’ or ‘the Group’ encompass all these entities.
This strategy has been developed to comply with the requirements outlined in Schedule 19 of the Finance Act 2016, which encompasses Corporation Tax, PAYE, NIC, VAT, CIS, Customs Duties, Excise Duties, and Stamp Duty Land Tax.
The Tax Strategy for the year ended 30 June 2025 remains in line with the UK Group’s Tax Strategy approved in June 2018. Our Tax Strategy is reviewed annually, with any amendments approved by the Directors.
The principal activities of the Group are the development of residential properties for sale and rent, as well as the operation of a portfolio of rental properties.
The Finance team is responsible for the day-to-day management of Manchester Life’s UK tax affairs.
The Head of Finance reports any tax risks to the Directors, who have the ultimate responsibility.
The aim is to ensure full compliance with all statutory obligations and tax regulations, and to provide full disclosure to HMRC.
Manchester Life exercises professional diligence and judgment in managing tax-related processes that could impact the Group’s compliance with its tax obligations. It conducts itself with integrity and transparency in all tax matters. When necessary, it seeks advice from third-party tax experts to gain technical expertise to support decision-making.
The Group recognises the value of having strong, well-documented policies and processes in relation to taxation.
The staff who process and manage any matters that have tax implications have the appropriate professional qualifications, training, and experience, and seek to operate in line with this Tax Strategy.
Manchester Life’s tax planning is consistent with the code of business conduct, ensuring compliance with laws, regulations, and policies, as well as maintaining accurate business records and reporting.
The Group recognises its responsibility to pay the appropriate amounts of tax arising in the UK as required under the laws and regulations of UK tax legislation. Manchester Life will not enter into any tax arrangements which will risk the reputation of the Group or are likely to damage its relationship with HMRC.
Manchester Life strives to comply with all regulatory obligations by identifying risks, including those related to tax. Processes are then implemented to mitigate these risks.
Manchester Life aims to have a level of certainty over the tax treatment before transactions are entered into wherever possible. However, inevitably, there may be instances where a level of uncertainty exists. Where this is the case, Manchester Life will liaise with HMRC to obtain an advance ruling, where practicable.
Where Manchester Life’s interpretation of tax guidance differs from that of HMRC, external advice will be sought from third-party tax specialists, and the Group will only act based on a more likely than not opinion.
Industry-specific tax risks remain, which are monitored and managed by the Head of Finance, who will inform the Directors in line with the broader approach to risk management outlined in this Tax Strategy.
Manchester Life looks to maintain a strong, transparent, open, and honest working relationship with HMRC through regular communications.
The Group strives to discuss any key developments and changes in the business with HMRC, where practicable, along with any potential impacts of those developments.
Where the tax treatment interpreted by Manchester Life in relation to any issues differs from that expected of HMRC, Manchester Life will work effectively with them to find a resolution as quickly as possible.