Scope

This strategy applies to Young’s Seafood Limited and its’ UK associate group members in accordance with paragraphs 19 and 25 of Schedule 19 to the Finance Act 2016. In this strategy, references to ‘Young’s’ or ‘the group’ are to all these entities. The strategy is being published in accordance with paragraph 16(4) of the Schedule.

This strategy applies from the date of publication until it is superseded. References to ‘UK Taxation’ are to the taxes and duties set out in paragraph 15(1) of the Schedule which include Income Tax, Corporation Tax, PAYE, NIC, VAT, Insurance Premium Tax, and Stamp Duty Land Tax.

Aim

Young’s is committed to full compliance with all statutory obligations and full disclosure to relevant tax authorities. The group’s tax affairs are managed in a way which takes into account the group’s wider corporate reputation in line with Young’s overall high standards of governance.

Governance in relation to UK taxation

  • Ultimate responsibility for Young’s tax strategy and compliance rests with the Board of Young’s Seafood Limited;
  • The Chief Financial Officer (‘CFO’) is the Board member with executive responsibility for tax matters;
  • Day-to-day management of Young’s tax affairs is delegated to the Accounting Services Director, who reports to the CFO;
  • The Accounting Services Department is staffed with appropriately qualified individuals;
  • Advice is sought from external advisors where appropriate.

Attitude towards tax planning and level of risk

Young’s seeks to reduce the level of tax risk arising from its operations as far as is reasonably practicable by ensuring that reasonable care is applied in relation to all processes which could materially affect its compliance with its tax obligations.

Young’s manages risks to ensure compliance with legal requirements in a manner which ensures payment of the right amount of tax.

When entering into commercial transactions, Young’s seeks to take advantage of available tax incentives, reliefs and exemptions in line with, and in the spirit of, tax legislation. Young’s does not undertake tax planning unrelated to such commercial transactions.

Relationship with HMRC

Young’s seeks to have a transparent and constructive relationship with HMRC through regular meetings and communication in respect of developments in Young’s business, current, future and retrospective tax risks, and interpretation of the law in relation to all relevant taxes.

Young’s ensures that HMRC is kept aware of significant transactions and changes in the business and seeks to discuss any tax issues arising at an early stage. When submitting tax computations and returns to HMRC, Young’s discloses all relevant facts and identifies any transactions or issues where it considers that there is potential for the tax treatment to be uncertain.

Any inadvertent errors in submissions made to HMRC are fully disclosed as soon as reasonably practicable after they are identified.

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