UK Tax Strategy

Our Commitment to Compliance

Kenwood UK (comprised of Kenwood Appliances Ltd, Kenwood International Ltd and Kenwood Ltd) as the UK presence of the De’Longhi group remains 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. Only Tax planning with a commercial substance will be engaged in and the commitment to uphold the reputation of the De’Longhi group, it’s brands and the history of the Kenwood name will be at the base of all actions.

Level of tax Risk

Kenwood UK has a clear focus on the minimisation of tax risks arising from any uncertainty of the interpretation of tax law and changing tax rules. Independent advisors are engaged for professional advice when required with all tax risks being discussed, or the relevant tax authorities are contacted to ensure advance clearances are sought 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 Compliance Manager (CCM) 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 and has been reviewed and updated during July 22]