As the UK presence of the De’Longhi group, Kenwood UK (comprised of Kenwood Appliances Ltd, Kenwood International Ltd and Kenwood Ltd) is committed to conducting its tax affairs in accordance with the following objectives:
Commitment to Compliance
Kenwood UK is committed to ensuring full and timely compliance with all laws, regulations and payment / reporting requirements in the UK and beyond. Tax incentives and reliefs (such as those to encourage UK Research and Development) will be utilised where available but not in such a way that contradicts the intent of the ruling legislation.
Attitude towards tax planning
Kenwood UK aims to be efficiently organised, focussed on the commercial needs of the markets, customers and wider corporate group. It will not engage in tax planning that lacks commercial substance and will have at its base a commitment to uphold the reputation of the De’Longhi group, it’s brands and the history of the Kenwood name.
Level of tax Risk
Kenwood UK seeks to minimise UK tax risks arising from uncertainty over the interpretation of tax law and from changing tax rules. Professional advice from independent advisors is taken when required and tax risks are discussed, or advanced clearances sought, from relevant tax authorities where appropriate.
Working Relationship with HMRC
The company wishes to at all times maintain a proactive, open, mutually respectful and honest relationship with HMRC. Kenwood UK recognises the benefits of discussing tax issues and development with HMRC and assists the group’s Customer Relationship Manager (CRM) whenever requested.
[This tax strategy has been approved by representatives of the Kenwood UK and De’Longhi Boards and is considered to be in compliance with the requirements of Schedule 19 Finance Act 2016. It has been shared with HMRC prior to publication ]