2022 UK Tax Strategy
Brunswick Corporation ("Brunswick") is the U.S. parent corporation of the Brunswick multi-national group, and Brunswick is publicly listed and traded on the New York Stock Exchange.
In compliance with section 161 and section 19(2) of schedule 19 Finance Act 2016, Brunswick is publishing its tax strategy for the year ending 31 December 2022. This strategy applies to the following Brunswick UK subsidiary corporations:
- Freedom Boat Club UK Limited (former Brunswick Europe Holdings Limited – UK)
- Navico Group EMEA BV (former Advanced Systems Group EMEA BV) – UK branch
- Munster Simms Engineering Limited
- Navico UK Limited *
- Brookes & Gatehouse Limited UK *
* These two entities became subsidiaries of the Brunswick Corporation Group further to Navico group’s acquisition on October 4th, 2021. The UK tax strategy applies as from the date of acquisition.
For additional information about Brunswick Corporation and subsidiaries, please visit www.brunswick.com.
Risk Management and Governance Arrangements
Brunswick maintains a strong commitment to conducting business with integrity, as evidenced by the Brunswick Code of Conduct, which applies to Brunswick Corporation, its divisions, subsidiaries and affiliates worldwide.
Our goal is to ensure that we comply with the tax laws, reporting requirements, and payment obligations of all jurisdictions in which we operate.
We have established procedures and internal controls, including the use of outside advisors where appropriate, for ensuring the integrity of our tax filings and other tax compliance obligations; these procedures and controls facilitate appropriate identification, measurement, management and reporting of tax risks.
Brunswick's Vice President-Tax and Chief Financial Officer regularly report our tax affairs and risks to the Audit Committee of Brunswick's Board of Directors.
We engage in tax planning that is consistent with and supports our business objectives and activities.
Our transactions are conducted on arm's length principles, in accordance with OECD guidelines.
Attitude towards Risk
Our policies and governance framework operate to ensure compliance with tax laws and regulations in all jurisdictions in which we operate, to ensure that we identify and mitigate tax risks.
Relationship with HM Revenue & Customs (HMRC)
We approach all communications with HMRC in an open and transparent way, consistent with our aim to ensure timely tax compliance, filing accurate returns, and complying with applicable disclosure requirements.