PELF UK Limited Group
Our Approach to the Management of Tax
INTRODUCTION
PELF UK Limited and its subsidiaries (“PELF REIT” or the “Group”) form a UK Real Estate Investment Trust (‘REIT’) that owns and manages a core portfolio of UK logistics assets for long term investment purposes. Conducting business in an ethical way is fundamental to how the Group operates. PELF REIT is committed to compliance with all tax rules, regulations, and laws. PELF REIT seeks to pay the tax it is obliged to pay, comply fully and timely with applicable tax rules, and reclaim or obtain relief from taxes that it is not obliged to pay, in accordance with the tax laws of the United Kingdom.
UK TAX RISK MANAGEMENT AND GOVERNANCE
PELF REIT is dedicated to executing and managing its tax responsibilities with the highest integrity, ensuring full compliance with all applicable tax laws. The Group maintains a strong risk management culture, overseen by the Board, with appropriate internal controls and policies in place to identify, assess and minimise tax risk. PELF REIT is managed by Prologis UK Limited, which employs qualified and experienced personnel who proactively evaluate and manage tax risk and oversee all tax obligations, with support from professional services firms where necessary.
TAX PLANNING
PELF REIT is committed to managing its tax affairs in a way that complies with all applicable laws, enhances stakeholder value while protecting the reputation of the business. Any tax position adopted will be in line with the genuine commercial and economic activities of the business and, where an issue is complex or uncertain, will be supported by appropriate advice. When the application of tax rules is unclear, PELF REIT seeks to identify and follow the rules’ underlying intent and follow prudent market practice where this can be identified. Where appropriate, PELF REIT may consult HMRC or seek advance clearances in relation to uncertain tax positions. This approach ensures compliance with tax laws and regulations, whilst also optimising the tax position in a responsible and ethical manner.
THE LEVEL OF ACCEPTABLE RISK
PELF REIT is committed to maintaining an appropriate risk profile in both the UK and other tax jurisdictions.Tax decisions are considered on a case-by-case basis with due regard to technical, operational and reputational factors. Where uncertainty exists or the position is complex, PELF REIT will seek appropriate advice, and material decisions will be escalated to the Board to ensure all decisions are aligned with the Group’s values.
OUR RELATIONSHIP WITH HMRC
PELF REIT is committed to maintaining an open and transparent relationship with HMRC. As noted above, the Group recognises that uncertainty and differing interpretations of tax rules may arise depending on specific facts and circumstances. In such cases, PELF REIT will seek to engage in proactive discussions with HMRC to clarify uncertainties or, where differences of opinion exist, work toward an appropriate resolution.
APPROVED BY BOARD: 16 May 2025
This statement has been approved by the Board of Directors of the PELF UK Limited and its subsidiaries. The publication of this strategy statement is regarded as satisfying the statutory obligation under Para 19 (2), Schedule 19, Finance Act 2016 for PELF UK Limited.