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UK Tax Strategy

UK Tax Strategy

Overview

This document sets out the UK tax strategy of Shangri-La Hotels PTE Ltd and Shangri-La International PTE Ltd (together ‘Shangri-La’).

This tax strategy has been developed in compliance with Schedule 19 of the UK Finance Act 2016, which requires groups to publish their UK tax strategy, and sets out the strategic tax objectives for the UK group. The tax strategy set out in this document is tailored toward establishing a clear approach to the various aspects of tax reporting and compliance for the UK operations of Shangri-La. Taxes covered by this strategy are aligned with the definition of UK taxation, outlined in Paragraph 15, Schedule 19 Finance Act 2016, whilst the most material taxes for the group include corporate taxes, property taxes, employment taxes and indirect taxes. The tax strategy relates to the year ended 31 December 2017 and has been approved by the Board.

Shangri-La Hotels and Resorts is Asia Pacific's leading luxury hotel group. We are also regarded as one of the world’s finest hotel ownership and management companies. The Shangri-La Hotel in London, in the iconic Shard building, is the tallest hotel in Western Europe, featuring the city's highest bar and swimming pool.

Shangri-La is committed to conducting its affairs in full compliance with all applicable laws as outlined in our Code of Conduct and Ethics. Shangri-La’s Code of Conduct outlines the principles and values that influence how we work together to accomplish our mission. This code holds that both the Board of Directors and employees must operate in a transparent, honest and ethical manner at all times.

Tax Strategy

1.Tax Governance and Risk Management

Whilst the UK Board has overall responsibility for tax, the UK Finance Team are responsible for monitoring the day-to-day operation of tax, for the UK entities. The UK team regularly reports up to the Vice President of Finance for EMEA, based in Dubai, on compliance and tax reporting issues. If any significant issues were identified by the UK team these would be reported up to the Board. External advisors are consulted on a regular basis, to manage tax risks and ensure the group is compliant with the UK tax obligations.

The Board has the overall responsibility to ensure that the group has maintained sound and effective risk management and internal control systems. The Board has delegated the responsibility for overseeing the adequacy and effectiveness of the risk management and internal control systems to the Audit Committee.

There is a risk management framework in place to ensure risks, including tax risks, are identified, assessed and mitigated with appropriate controls. These are communicated to the Audit Committee on an ongoing basis.

Internal control policies and procedures are designed to identify and manage the risks that the group may be exposed to, thereby providing reasonable assurance regarding the achievement of corporate objectives. Through the Audit Committee, the Board has conducted reviews of the effectiveness of the system of internal controls of the Group. The reviews cover all material controls, including financial (including tax), operational and compliance controls and risk management functions. The group also monitors its internal financial control systems, which includes tax, through management reviews and a programme of internal audits.

2. Attitude Towards Tax Planning and Approach to Tax

Shangri-La’s approach to tax and tax planning is carefully aligned to our strategic and corporate objectives and the group is committed to conducting its affairs in full compliance with all applicable laws as outlined in our Code of Conduct and Ethics. Whilst we will consider the most tax-efficient way to undertake business transactions, all transactions will be underpinned by commercial activities and objectives. We will consider legitimate tax incentives, exemptions and reliefs provided by the UK government to all taxpayers. However, we will not enter into wholly artificial and/or aggressive tax planning arrangements. Shangri-La considers it our duty to comply with all relevant laws and regulations in the UK, and to pay the correct amount of tax at the proper time. We seek external advice where there is significant uncertainty or complexity in our tax obligations.

3. Tax Risk

Shangri-La has a low appetite for tax risk. The main objective is to comply with all laws and regulations and we proactively engage with advisors to achieve certainty on our tax position is aligned to our overall approach to risk.

4. Relationship with HMRC

Shangri-La seeks to maintain an honest and transparent relationship with HMRC, and any interaction will be conducted in a cooperative manner. We aim to demonstrate honesty, care and integrity in all our relationships as outlined in our guiding principles. Where tax laws or obligations are unclear, or subject to interpretation, we engage with external tax advisors to ensure we remain fully compliant in all operations. Where applicable we will work with HMRC to attempt to resolve any differences in a timely and professional manner.