The Conair Group Limited’s Tax Strategy
The United Kingdom’s Finance Act 2016 introduced a requirement for all large businesses with operations in the United Kingdom (“UK”) to publish a tax strategy that sets out the following: (a) the approach of the group to risk management and governance arrangements in relation to UK taxation; (b) the attitude of the UK subgroup towards tax planning (so far as affecting UK taxation); (c) the level of risk in relation to UK taxation that the UK subgroup is prepared to accept, and; (d) the approach of the UK subgroup towards its dealings with Her Majesty’s Revenue and Customs (“HMRC”).
The publication of this tax strategy of The Conair Group Limited (“Conair UK”) is deemed to be in compliance with section 161 and schedule 19 of the Finance Act 2016. This tax strategy is effective for the year ending 31st December 2018 and will be reviewed annually with any amendments being included as required.
Conair UK is part of the Conair Corporation group of companies (founded in 1959 and headquartered in the United States) and is the head company of the UK sub-group, which consists of Conair UK itself and BaByliss UK Limited, a dormant company.
Our tax strategy reflects our status as part of a substantial international consumer products group that aims to be fully compliant with local laws, regulations and guidance. This document has been approved by Conair UK’s Board of Directors.
OUR APPROACH TO RISK MANAGEMENT AND GOVERNANCE ARRANGEMENTS IN RELATION TO UK TAXATION
The Financial Controller takes responsibility for day-to-day tax affairs whilst the Financial Director takes ultimate responsibility for tax. Conair UK seeks professional advice from external tax advisers to ensure that its tax obligations continue to be met.
The Board has overall responsibility for tax governance and its members fully understand the importance of tax compliance. The Board takes care and uses its judgment to assess tax risk and any risks identified are subject to internal and external review where appropriate.
THE ATTITUDE OF THE UK SUBGROUP TOWARDS TAX PLANNING (AS AFFECTING UK TAXATION)
Conair UK does not engage in artificial arrangements in order to reduce UK tax. We may undertake tax planning where permitted by UK law and practice. External advice is sought in these circumstances.
Conair UK will not risk damage to its reputation and brands by involving itself in aggressive tax planning the sole purpose for which would be to obtain a tax advantage.
THE LEVEL OF RISK IN RELATION TO UK TAXATION THAT THE UK SUBGROUP IS PREPARED TO ACCEPT
The UK subgroup’s strategic aim is to minimise its UK tax risk. Accordingly, it aims to be fully compliant in terms of record-keeping, filing returns with HMRC and payment of tax. External tax advisers regularly review our tax compliance. The UK subgroup seeks to comply with all regulatory obligations to minimise exposure to additional compliance risk.
THE APPROACH OF THE UK SUBGROUP TOWARDS ITS DEALINGS WITH HMRC
Conair UK seeks to have an open, honest and transparent relationship with HMRC. The UK subgroup seeks to avoid unnecessary disputes and maintains an open dialogue with HMRC. Any inadvertent errors in submission of tax returns and tax computations to HMRC are fully disclosed as soon as reasonably practicable after they have been identified.