Tax policy

NH Foods U.K. Limited – UK Tax Strategy

NH Foods U.K. Limited (“NHFUK”, “we” or “our”) trades meat cuts largely on behalf of its ultimate parent company NH Foods Limited (“NHFJP”) which is listed in Japan.  Since starting operations as a producer of hams and sausages NHFJP has broadened its operations to offer various food ingredients and products, including many processed foods, marine products, dairy products and health foods.

We contribute to human happiness and healthy living by upholding the basic theme of “joy of eating”.  Our commitment to sustainability is externally evaluated and confirmed through our membership of the Dow Jones Sustainability Index, FTSE4Good and FTSE Blossom Japan.

This strategy sets out the UK companies approach to tax and its publication is regarded as complying with Part 2 of Schedule 19 of the 2016 Finance Act for the period ended 31 March 2018.

 

Approach to compliance

Recognizing compliance as the foundation of corporate management, NHFUK engages in fair and candid corporate activities and strives to fulfil its social responsibilities.  As we act largely on behalf of NHFJP, we work with consultants to ensure intercompany transactions are carried out on an arm’s length basis adhering to OECD principles and documentation standards.

Tax governance and risk management

The UK finance team are responsible for the preparation, management and administration of routine UK tax matters including all UK tax returns and payments as well as group and statutory tax reporting.  Ultimate responsibility for the UK tax matters rests with our directors and UK tax returns are approved by the managing director.  This UK tax strategy statement has been approved by NH Foods U.K. Limited’s Board of Directors 26 February 2018.

Tax risk is managed by ensuring staff involved in compliance activities are appropriately trained and experienced.  We also consult with advisors to ensure we are up to date with changes to tax legislation and to address any areas of complexity or uncertainty.

 

Tax risk appetite

We take a prudent approach to matters of interpretation and seek to minimise tax risks.  In cases of material uncertainty we liaise with NHFJP’s tax department to ensure appropriate oversight.

 

Tax planning

Our Action Guidelines require that we ‘show our gratitude for society’s trust in us by acting with integrity’.  As such, we do not pursue aggressive tax planning or avoidance activity.  We do respond to incentives in the manner intended by Parliament such as claiming capital allowances for our investment in UK plant and machinery.

Relationship with HMRC

We have limited interaction and communication with HMRC.  Our interaction is typically limited to filing tax returns and settling liabilities.  However, to the extent required in future, we will respond to any information requests by HMRC in a transparent and timely manner.