and addresses the following criteria:

• Approach to risk management and governance in relation to UK taxation
• Approach to tax planning
• The level of UK tax risk acceptable to the UK branch
• Approach to dealing with HMRC
  

The UK branch provides marketing and promotional services to UK based customers of Ferrari Group, and the tax risk of the UK branch is managed in alignment with the UK branch’s business function.

The tax policy of the UK branch is to fully comply with legislative and regulatory requirements, pay the right amount of tax at the right time, and disclose all relevant facts and circumstances to the tax authorities.

Approach to tax risk management and governance in relation to UK taxation

The tax policy of the UK branch is to fully comply with legislative and regulatory requirements, pay the right amount of tax at the right time, and disclose all relevant facts and circumstances to the tax authorities.

The Head of Finance of the UK branch has overall ultimate responsibility for taxation, and is supported directly by the Head of Tax and tax function of the wider group of companies to which the Ferrari group is related.  The Head of Tax has primary responsibility for the UK branch’s relationship with HMRC. 

The day to day tax risk is controlled and managed by the tax function, who are a team of experienced and qualified tax professionals, who have the required knowledge and training in relation to UK taxation to manage the associated tax risks. The UK branch has a series of internal controls and processes to ensure that all tax reporting and filings are subject to the appropriate level of review.  

Attitude to tax planning

As stated in the Ferrari N.V. global code of conduct, the business strives to maintain the highest standards of integrity, comply with applicable laws, and build a better future for our Company and the communities in which we do business.  More specifically, the code of conduct notes that compliance with laws, including tax laws, is critical to the Ferrari Group’s continuing global business and to maintain Ferrari Group’s worldwide reputation.  The UK branch’s tax strategy has been developed and is applied in a manner entirely consistent with the code of conduct.

The UK branch does not undertake any tax planning. However, should any tax planning be considered, it would be evaluated in line with the commercial business objectives and ultimately the Ferrari N.V. global code of conduct whilst complying with all relevant legislation.

Where necessary, the UK branch will seek advice from its external advisors on any uncertain UK tax position.

Acceptable level of tax risk

The UK branch does not consider that it is exposed to material levels of risk in relation to UK taxation.  It operates a straightforward business and is fully compliant with all UK tax obligations on a timely basis.

Working with HMRC

The UK branch has a pro-active relationship with HMRC, approaching this with openness, honesty, and integrity. All tax returns and disclosures are made on a fair, accurate and timely basis.