This strategy applies to Margaret Howell Ltd in the UK, in accordance with paragraphs 19 and 25 of Schedule 19 to the Finance Act 2016. The strategy is being published in accordance with paragraph 16(4) of the Schedule.

TSI Holdings Limited, a company incorporated in Japan, is the ultimate parent company and the controlling party. The company accounts are consolidated into TSI Holdings Co Ltd Group incorporated in Japan. TSI Holdings is publicly quoted

This strategy applies from the date of publication until it is superseded.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 includes Income Tax, Corporation Tax, PAYE, NIC, VAT, Insurance Premium Tax and Stamp Duty Land Tax. References to ‘tax’, ‘taxes’ or ‘taxation’ are to UK taxation and to all corresponding worldwide taxes and similar duties in respect of which the Company has legal responsibilities.


Margaret Howell Ltd 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 its overall high standards of governance.


• The board of directors has overall responsibility for ensuring this strategy complies with our legal and ethical obligations, and that all those under our control comply with it.
• The Managing Director has primary and day-to-day responsibility for implementing this strategy, monitoring its use and effectiveness, dealing with any queries about it, and auditing internal control systems and procedures to ensure they are effective in preventing the facilitation of tax evasion.
• Management at all levels are responsible for ensuring those reporting to them understand and comply with this strategy and are given adequate and regular training on it.


• Margaret Howell Ltd operates a system of tax risk assessment and controls as a component of the overall internal control framework applicable to the company’s financial reporting system;
• Margaret Howell Ltd 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;
• Processes relating to different taxes are allocated to external advisors or appropriate internal managers, who carry out a review of activities and processes to identify key risks and mitigating controls in place. These key risks are monitored for business and legislative changes which may impact them and changes to processes or controls are made when required;
• Advice is sought from external advisors where appropriate.
• Appropriate training is carried out for staff who manage or process matters which have tax implications.


Margaret Howell Ltd manages risks to ensure compliance with legal requirements in a manner which ensures payment of the right amount of tax.

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

The risk level which Margaret Howell Ltd accepts in relation to UK taxation is consistent with its overall objective of achieving certainty in the company’s tax affairs. At all times Margaret Howell Ltd seeks to comply fully with its regulatory and other obligations and to act in a way which upholds its reputation as a responsible corporate citizen. In relation to any specific issue or transaction, the Board is ultimately responsible for identifying the risks, including tax risks, which need to be addressed and for determining what actions should be taken to manage those risks. Having regard to the materiality of the amounts and obligations in question.


Margaret Howell Ltd seeks to have a transparent and constructive relationship with HMRC. The company seeks to comply with its tax filing, tax reporting and tax payment obligations.
Margaret Howell Ltd 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, Margaret Howell 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.

This Tax Strategy was approved by the Board of Margaret Howell Ltd on 21st March 2018

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