UK Tax Strategy Statement
The UK Tax Strategy as required under Schedule 19 FA2016 for our Enterprise entity in the UK- OakNorth (UK) Limited, is set out below.
OakNorth (UK) Limited provides data and technology driven solutions to borrowers and lenders through the OakNorth Enterprise, enabling faster and smarter decision making across the loan lifecycle. The Enterprise assists financial institutions with credit analysis and monitoring solutions unlocking opportunities for the underserved lower middle market.
Approach to UK Tax Risk Management
We proactively seek to identify, evaluate, manage and monitor tax risks. We ensure compliance with the tax laws via our policies and operating procedures. Where appropriate, external independent advice is sought to manage tax risks.
Approach to UK tax planning
We structure our commercial activities in alignment with our business strategy and long-term shareholder objectives, ensuring compliance with all our regulatory obligations, including tax. We undertake tax planning only in support of genuine commercial activity. We seek external independent advice where there is uncertainty or complexity in relation to a tax position.
Level of acceptable UK tax risk
We have a low appetite for tax risk and we aim to minimize uncertainty in tax matters by proactively identifying and addressing potential tax issues and taking external independent advice as required.
Relationship with HMRC
We ensure that we maintain transparent, open and cooperative relationship with HMRC. We ensure that we provide timely and accurate disclosures in the tax returns and responses to any enquiries from HMRC. Should any disagreements arise in interpretation of tax law, we will aim to resolve any such issues through transparent discussions with HMRC.