Tax policy

Our commitment to tax transparency

For several years, Grosvenor’s property business has published Annual Reviews and Financial Statements that are consistent with UK and International accounting and reporting standards.

As a privately-owned business there is no legal obligation for us to make this information public, yet we believe in the importance of accountability and choose to be transparent.

Alongside the publication of information about the taxes we pay around the world, for many years we have also had and complied with a tax policy which lays down our approach to taxation matters. 

We make, where we are able, a positive, informed and objective contribution to the debate on taxation matters as they affect our industry. We support measures aimed at enhancing the tax transparency of multinational corporations.

Our tax policy is published below in compliance with Part 2, Schedule 19 Finance Act 2016, in relation to the current financial year ending 31 December 2025.

The Grosvenor Tax Policy

The objective of our tax policy is to ensure that we fully comply with our obligations to pay tax and make tax filings, fully meeting the legal and compliance obligations in each relevant jurisdiction whilst recognising the legitimate requirements of all stakeholders.

Exposure to tax arises across a number of tax jurisdictions. In addition to different filing requirements in each territory, there is also exposure to the impact of changes in tax legislation.

The Group Tax Director is responsible for the Grosvenor Tax Policy and its contents are reviewed annually by the Group Board. Working alongside Grosvenor’s in-house Group tax team, responsibility for compliance with the Grosvenor Tax Policy is devolved to the boards of the Operating Companies.

Annually, each Operating Company is required to:

• Confirm their compliance with the tax policy to the Audit Committee, and
• Maintain a tax risk register and submit to the Audit Committee for review.

We ensure:

1. That realised economic income, gains and profits are taxed, after claiming allowable deductions or tax relief for real economic costs or losses, in accordance with the legislation of the country or countries with taxing rights (taking any double tax treaty or unilateral relief into account).
   
   
2. That no transaction is entered into, or implemented in a manner, which is considered high risk, contrary to any published position of a Tax Authority or likely to be characterised as abusive for tax purposes.
   
   
3. Full tax compliance (in terms of both appropriate and timely disclosure of information, filings and payment of liabilities) in all relevant jurisdictions.
   
   
4. Co-operation with tax authorities in the spirit of mutual trust, openness and transparency and where appropriate, we will seek clarification and clearance from the tax authority.
   
   
5. That relevant personnel are suitably forewarned and informed about forthcoming changes of legislation, policy or practice which will need to be respected and/or implemented in accordance with this policy.
   
   
6. Where possible, and reflecting our experience, knowledge and abilities, we engage in appropriate dialogue with relevant authorities or bodies, with the objective of helping to improve the appropriateness and quality of the taxation regimes in which we operate.
   
   
7. We will only use reputable, experienced advisers, who are familiar with our principles and Tax policy.
    
    

In applying our tax policy, we respect not only the letter of the law but its underlying intention. In the case of real estate, the underlying premise is simple – property should be taxed in the jurisdiction in which it is located. We pay taxes on realised economic gains and profits in accordance with the applicable laws.

Tax contribution

The total tax contribution for 2024 was £107.4m (2023: £112.2m). While taxes on income and gains and corporate income taxes were slightly lower, this was offset by an increase in annual property taxes.