NOBLE FOODS GROUP TAX STRATEGY
This strategy applies to the UK subsidiaries of Noble Foods Group in accordance with Paragraph 19 of Schedule 19 of the Finance Act 2016. It has been approved by the Board in respect of the financial year ended 30 September 2022.
Noble Foods is a food production business. The core activities of the Group are the production and sale of shell eggs, animal feeds and poultry meats predominantly in the UK.
Noble Foods Group is committed to following all applicable laws and regulations relating to its tax activities, maintaining an honest and open relationship with tax authorities and applying diligence and care in the management of the processes and procedures by which all tax related activities are undertaken. The Group has a zero tolerance approach to tax evasion or its facilitation.
The Board is collectively responsible for setting the Group’s tax strategy, and there are nominated Board members with responsibility for ensuring compliance with this strategy. The Group’s CFO is responsible, in his role as Senior Accounting Officer, for ensuring appropriate controls and processes are in place to deliver accurate financial information to enable compliance with UK tax laws.
Managing the Group’s tax affairs is a complex process and as such there will inevitably be risks of error or omission which may result in the incorrect application of tax rules or calculation of tax returns. We actively seek to identify, evaluate, monitor and manage these risks to ensure they remain in line with our objectives. Where there is uncertainty in how the relevant tax law should be applied, external advice is sought to support the Group’s decision making process.
Tax planning and acceptable tax risk
We do not engage in high risk or aggressive tax planning. The Group’s tax planning aims to support the commercial needs of the business by ensuring that the Group’s affairs are carried out in the most tax efficient manner whilst remaining compliant with all relevant laws. We will not knowingly undertake any transaction which relies on a lack of transparency or non-disclosure, is not undertaken on arm’s length terms or which relies on interpretations of the law which are clearly inconsistent with the intentions of government policy.
The Group has in-house taxation personnel with appropriate professional qualifications and experience commensurate with their responsibilities and role. In cases where the tax guidance is unclear or the Group does not feel it has the necessary expert knowledge to assess the tax consequences adequately, external advice may be sought to support the Group’s decision making process.
Approach towards dealing with HMRC
The Group is committed to the principles of openness and transparency in its approach to dealing with HMRC, in a spirit of co-operative compliance. Wherever possible we do so on a real time basis to minimise tax risk.