UK Tax Strategy
The Board of Fruit of the Loom Investments have approved this tax policy, which is applicable to Fruit of the Loom Investments and all of its subsidiaries.
- We pursue a low risk tax policy and engage with Her Majesty’s Revenue & Customs (“HMRC”) in an open and honest manner.
- We shall 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 shall 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 shall 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 shall actively seek open dialogue with HMRC and provide all relevant information that is requested
- We shall 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 shall 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 shall 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 shall 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 shall not use artificial structures that are unrelated to the Company’s business for the sole purpose of reducing the tax burden.
- We shall 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 2019