Tao Group Hospitality Diversity Statement.

Introduction

This UK Tax Strategy has been approved by the Hakkasan Limited Board of Directors and is published on behalf of all UK companies within the Tao Group Hospitality.

It applies from the date of publication online and is published in accordance with Part 2, Schedule 19 of the Finance Act 2016 for the financial year ended 31 December 2019. This statement will be reviewed and updated annually.

This UK Tax Strategy applies to all direct and indirect taxes listed in paragraph 15(1) of Schedule 19 of the Finance Act 2016, including Income Tax, Corporation Tax, National Insurance Contributions (NIC), Value Added Tax (VAT) and amounts for which the company is accountable under PAYE regulations.

Our Company

Tao Group Hospitality and its subsidiaries, which includes HakkasanLimited (herein referred to as the “ Tao Group”) is a worldwide hospitality organization operating a range of restaurants, day life and nightlife venues across a number of cities in the US, Europe, the Middle East, Africa and Asia.

Tax Risk Management and Governance

Tao Group Hospitality is committed to acting with integrity in all tax matters and acts with due diligence and care in managing all tax-related activities.  Tao Group Hospitality strives to comply with the relevant laws and regulations in all territories in which the Group operates and provide transparency to tax authorities.

The Board of Directors (“the Board”) of Tao Group Hospitality are ultimately responsible for the setting of, and compliance with, this tax strategy. The Chief Financial Officer (“CFO”) has executive responsibility for tax.  Implementation of the Group’s tax strategy is undertaken by the Group Tax Director who is appropriately qualified and reports to the CFO.  The Group Tax Director is supported by the finance team on relevant matters.

The Group Tax Director seeks to identify, assess, manage and monitor the tax risks for the Group with external input from independent tax, legal and accounting firms where necessary.  The Group Tax Director regularly discusses tax matters with the CFO and, where appropriate, matters are escalated to other relevant internal stakeholders.

Tax Planning and Tax Risk

Tao Group fulfils all its obligations relating to UK tax compliance matters, such as filing tax returns and making tax payments, in accordance with statutory timelines. Tao Group does not tolerate tax evasion, nor does Tao Group tolerate the facilitation of tax evasion by any associated person acting on its behalf.

To the extent Tao Group subsidiaries transact with each other, such transactions are undertaken on an arm’s length basis in compliance with relevant UK legislation as well as international laws and guidance such as the Organization for Economic Co-operation and Development (OECD) guidelines.

Whilst Tao Group may make use of tax incentives and exemptions intentionally provided in law, Tao Group is sensitive to its reputation and therefore has a low appetite for tax risk.  Tao Group does not seek to take advantage of artificial or aggressive tax planning arrangements.  Tao Group undertakes transactions/positions that directly supports its commercial activities.

Relationship with HM Revenue and Customs

Tao Group is committed to engaging with HM Revenue and Customs (“HMRC”) with honesty, integrity and transparency in respect of all tax matters. Tao Group works collaboratively with HMRC wherever possible to resolve disputes or where there is uncertainty in the interpretation of tax laws.

Relevant UK companies

This tax strategy relates to the following UK companies:

• Hakkasan Limited
• Sake no Hana Limited
• Chrysan Limited