Chelsea Football Club Limited is a member of the group of companies headed by Fordstam Limited, a limited company incorporated and registered in England and Wales.
This strategy applies to Fordstam Limited and to the group of companies headed by Fordstam Limited in accordance with Schedule 19 Finance Act 2016. A list of the entities to which it applies is set out below. In this strategy, references to ‘Fordstam Limited’, ‘the firm’ or ‘the Group’ are to all these entities. The strategy is being published in accordance with paragraph 16(2) of the Schedule.
This strategy applies from the date of publication until it is superseded. References to ‘UK Taxation’ are to the taxes and duties set out in paragraph 15(1) of the Schedule which include Income Tax, Corporation Tax, PAYE, NIC, VAT, Insurance Premium Tax, and Stamp Duty Land Tax. References to ‘tax’, ‘taxes’ or ‘taxation’ are to UK taxation and to all corresponding worldwide taxes and similar duties in respect of which the Group has legal responsibilities.
The Group is committed to full compliance with all statutory obligations and full disclosure to relevant tax authorities. The group’s tax affairs are managed in a way which takes into account the group’s wider corporate reputation in line with the group’s overall high standards of governance.
Governance in relation to UK taxation
• Ultimate responsibility for the Group’s tax strategy and compliance rests with the Board of Directors of each company;
• The Company Secretary of Fordstam Limited is the Board member with executive responsibility for tax matters and also fulfils the role of the group’s Senior Accounting Officer;
• Day-to-day management of the Group’s tax affairs is delegated to the group’s Financial Accountant, who reports to the Director of Finance. Support and advice is provided by external professional advisors where appropriate;
• The Board ensures that the Group’s tax strategy is one of the factors considered in all investments and significant business decisions taken;
• The Group operates a system of tax risk assessment and controls as a component of the overall internal control framework applicable to the group’s financial reporting system;
• The Group seeks to reduce the level of tax risk arising from its operations as far as is reasonably practicable by ensuring that reasonable care is applied in relation to all processes which could materially affect its compliance with its tax obligations;
• Processes relating to different taxes are allocated to appropriate process owners, who carry out a review of activities and processes to identify key risks and mitigating controls in place. These key risks are monitored for business and legislative changes which may impact them and changes to processes or controls are made when required;
• Appropriate training and continued professional development is carried out for staff who manage or process matters which have tax implications;
• Advice is sought from external advisers where appropriate.
Attitude towards tax planning and level of risk
The Group manages risks to ensure compliance with legal requirements in a manner which ensures payment of the right amount of tax.
When entering into commercial transactions, the Group seeks to take advantage of available tax incentives, reliefs and exemptions in line with, and only when it is in the spirit of, tax legislation. The Group does not undertake tax planning unrelated to such commercial transactions.
The level of risk which the Group accepts in relation to UK taxation is consistent with its overall objective of achieving certainty in the group’s tax affairs. At all times the Group seeks to comply fully with its regulatory and other obligations and to act in a way which upholds its reputation as a responsible corporate citizen. In relation to any specific issue or transaction, the Board is ultimately responsible for identifying the risks, including tax risks, which need to be addressed and for determining what actions should be taken to manage those risks, having regard to the materiality of the amounts and obligations in question.
Relationship with HMRC
The Group seeks to work closely with HMRC and have a cooperative and constructive relationship. We meet and communicate regularly in respect of the Group’s tax affairs and interpretation of applicable tax legislation.
The Group ensures that when submitting tax computations and tax returns to HMRC that it discloses all relevant facts. Any inadvertent errors in submissions made to HMRC are fully disclosed as soon as reasonably practicable after they are identified.
The Group keeps HMRC informed of any business changes at an early stage and looks to discuss any areas of significant uncertainty in how tax legislation should be applied.
List of entities covered by this Tax Strategy
- Fordstam Limited
- Fordstam Developments Limited
- Chelsea Car Parks Limited
- Chelsea FC Merchandising Limited
- Chelsea FC PLC
- Chelsea FC Pte Limited
- Chelsea Football Club Limited
- Chelsea Football Club Women Limited
- Chelsea Leisure Services Limited
- Stamford Bridge Projects Limited
- Stamford Bridge Securities Limited
- The Hotel at Chelsea Limited
- Under The Bridge Limited