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2018-12
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The principal activity of Bright Food Europe Limited (“BFE”) is that of a UK holding company. We currently hold no UK subsidiaries and no UK trading activity took place during the year to 31 December 2018.
The Bright Food Group is a diversified food group that operates globally across various markets. We grow our business by responding to emerging trends in consumer tastes and innovation.
In the UK we manage tax by focusing on the below objectives.
Approach to tax risk management and governance
We aim to identify and manage tax risks through our tax risk management processes. We have policies and practices in place to ensure the integrity of our tax filings and other tax compliance obligations in the UK. Ultimate responsibility for our Tax Strategy and UK Tax compliance rests with the Board of Directors of BFE.
The Bright Food International finance team are responsible for the day to day management of tax, including engagement with advisors and the wider group when required. To manage our tax compliance obligations and responsibilities we engage professional tax advisors to prepare our corporation tax returns and provide tax advice in relation to UK activities whenever these occur.
Level of risk we are prepared to accept
Whilst we strive to identify and mitigate tax risks to a low level, we acknowledge that the elimination of all tax risk is impractical due to the complexity of tax legislation and differences in interpretation. Tax risks, both transactional and operational, are considered as and when they arise based on UK activities, to ensure that we identify and mitigate tax risks to the low level of risk that the UK group is prepared to accept.
Given the current simple UK Group structure comprises a holding company with no subsidiaries and no trading activities, we are comfortable our low tax risk tolerance can be achieved through our tax processes supported by our professional tax advisors.
Attitude towards tax planning
We seek to balance shareholders’ interests for sustained economic value creation with ensuring that any arrangements comply with current tax legislation. Our business has a strong focus on corporate responsibility, and we see responsible administration and payment of taxation as a key responsibility of our business.
Whilst we aim to comply with all applicable UK laws and regulations, where there is a range of tax outcomes when structuring a business transaction, we will consider the most tax efficient way to deliver value to our stakeholders, whilst being mindful of our low appetite for tax risk. We will engage with our external tax advisors when any significant transaction is undertaken, or in areas of uncertainty. Our approach is to ensure we are compliant and understand our responsibilities with regards to tax, rather than looking for ways to aggressively avoid payment of tax.
Approach towards dealing with tax authorities
We seek to ensure that our engagement with HMRC is professional, open and honest, and undertaken in a spirit of cooperation. Where any significant and unusual business transactions occur we may engage with HMRC following consultation with professional advisors.
Our published tax strategy applies to Bright Food Europe Limited and covers all UK taxes and duties. It satisfies our obligation under paragraph 22(2) schedule 19 of the UK Finance Act 2016 in respect of the period ending 31 December 2018.
