UK Tax Strategy
The Board of Fruit of the Loom Investments Limited have approved the UK tax strategy for each UK sub group, UK qualifying company, UK permanent establishment and UK partnership within the Fruit of the Loom Investments Limited group of companies.
Publication of this strategy is regarded as satisfying our statutory obligation under Para 16 (2), Schedule 19, Finance Act 2016 for the financial year ending 31 December 2020.
- We pursue a low risk tax policy and engage with Her Majesty’s Revenue & Customs („HMRC“) in an open and honest manner.
- We aim to manage our tax affairs responsibly and transparently and in a way that is compatible with the requirements for HMRC’s low tax risk classification by;
- being open and timely with HMRC about the management of all tax compliance risk
- raising significant compliance issues, uncertainties and/or irregularities with HMRC as they arise
- promptly providing full, accurate and helpful answers to HMRC queries
- providing appropriate resources to deal with all tax obligations
- maintaining clear accountabilities up to and including the Board for the management of tax compliance risk and tax planning.
- We aim to maintain compliance with tax laws and legislation via a strong system of internal governance that requires well documented internal processes and controls, using appropriately qualified and experienced staff.
- We aim to ensure all decisions are taken at an appropriate level, with diligent professional care and judgment and supported with documentation that evidences the facts, conclusions and risks involved.
- We aim to actively seek open dialogue with HMRC and provide all relevant information that is
- We aim to ensure all tax returns and the agreed tax payments are made within statutory deadlines and provide all relevant tax-related information and documents that may be requested by HMRC on a timely basis.
- We never deliberately conceal or knowingly misrepresent issues to HMRC. If we discover errors, we shall disclose them as soon as reasonably practical.
- All transactions must be fully justifiable and have a business purpose or commercial rationale
- We aim to seek to utilise certain reliefs and incentives that may exist and to show respect for the intention, as well as the letter, of the law.
- We aim to only adopt a tax planning position that we believe is more likely than not to be settled in our favour following full disclosure of relevant facts to HMRC.
- We do not use artificial structures that are unrelated to the Company’s business for the sole purpose of reducing the tax burden
- We aim to obtain professional opinions from external tax advisors on any matters where the amount of tax involved is significant/ tax treatment is uncertain.
Approved by resolution of the board on November 19th 2020