Tax Strategy

The Monde Nissin UK (MNUK) Group which comprises the Quorn and Cauldron brands, is part of the Monde Nissin Corporation (MNC) Group, a global food business headquartered in the Philippines. Whilst Quorn and Cauldron have historically been mainly focussed on the UK market, the global demand for high quality meat free protein that is also good for the planet, combined with MNC’s international resources, means that increasingly MNUK is growing its international footprint.

The MNC Group’s business purpose is to “help improve the well-being of life, the environment and our planet by providing safe and healthier food, and more sustainable solutions for food security”. In line with this purpose, businesses in the MNC Group adopt an ethical and responsible approach in their dealings with stakeholders in their communities such as the local tax authorities.

Compliance

In the above context, MNUK (and its UK subsidiaries) is committed to complying with tax law and practice within the UK and keeps up to date with relevant changes in UK tax legislation and practice. Compliance on tax issues for us means paying the right amount of tax at the right time and reporting all relevant facts and circumstances to HMRC. MNUK ensures that relevant personnel receive appropriate updates to enable them to manage tax risks, and external advisors are used when the Group does not have sufficient expertise or resources internally to deal with its tax compliance / reporting obligations. Matters of particular significance in relation to tax are considered by the Board of Directors as part of the governance arrangements for MNUK.

Planning

MNUK believes that tax issues should not drive commercial decisions. We claim reliefs where available (eg under the UK Government’s R&D and Patent Box regimes designed to incentivise UK technical innovation / development) and do not participate in aggressive or contrived tax planning.

Any tax planning will be considered in light of relevant tax laws, will have commercial and economic substance, and will have regard to the potential impact on our reputation and broader goals.

Tax risk management

The MNUK Board has nominated the MNUK CFO as responsible for its tax affairs. MNUK’s attitude to risk tolerance on taxation, as with other regulatory and compliance issues, is to adopt a low risk approach. This is effected by the CFO and finance team engaging on appropriate issues with expert professional advisors, including where there is uncertainty or complexity regarding tax risk. Tax risks are actively monitored and evaluated to ensure they remain in accordance with a low risk approach.

Tax authority relationships

MNUK maintains a transparent and co-operative relationship in our dealings with HMRC. This tax strategy is regarded as meeting the requirements under Part 2 of Schedule 19 Finance Act 2016 in the UK and has been approved by MNUK’s Board.

[December 2017]