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Tax Strategy

Monde Nissin UK Limited (“MNUK”) and its subsidiaries (the “Group”) trade under the brand names of Quorn and Cauldron. MNUK is part of Monde Nissin Corporation (“MNC”), a global food business headquartered in the Philippines. This document outlines the Group’s policies with regard to UK taxation, as required under UK tax law.

Approach to Tax Risk Management and Governance

The Group has a small tax department, whose role is to manage the day-to-day tax affairs of the Group. Members of the tax department are experienced tax professionals, have clearly defined responsibilities and keep abreast of changes in tax legislation. The team is led by the Head of Tax and Treasury (HTT), who reports to the Chief Financial Officer (CFO) of the Group. The CFO is the Senior Accounting Officer and has ultimate responsibility for the tax affairs of the Group, with oversight from the Board of MNUK. The Board of MNUK has ultimate responsibility for risk management and control. The tax department maintains regular dialogue with the Group’s business functions to ensure that potential tax risks are identified, assessed and action taken where necessary. Significant tax risks and developments are communicated by the HTT to the CFO in regular meetings and escalated to the Board where necessary.

Attitude towards Tax Planning

The Group ensures that it claims tax reliefs and incentives designed by Government to encourage investment, for example research and development credits, and capital allowances. The Group engages external tax advisors to ensure that its claims for tax relief are appropriate. The Group only engages in tax planning which is underpinned by commercial and economic substance, and after considering the reputational implications. The Group does not engage in aggressive tax planning. The Group engages external tax advisors where there is uncertainty or complexity, in order to manage tax risks to an acceptable level.

Level of Tax Risk

The Group assesses risk by likelihood and impact. The Group seeks a low level of residual risk in relation to tax matters. This is consistent with the Group’s approach to risk on non-tax matters, and with MNC’s approach to risk generally.

Dealing with HMRC

The Group engages fully and transparently with HMRC and works co-operatively with HMRC to resolve disputes.

Date of publication

This document was published in December 2023. This document satisfies the Group’s statutory requirement under Paragraph 16(2) of Schedule 19 of Finance Act 2016 to publish its UK tax strategy for the year ended 31 December 2023.