Tax Strategy

Bracco UK Limited – Tax Strategy

Background
Bracco UK Limited is part of a worldwide group parented by Bracco Imaging S.p.A in Italy. The group is a worldwide provider of diagnostic imaging solutions for the healthcare industry and operates in over 90 markets around the globe.

In the UK, our main activities involve selling and distributing contrast media and medical devices. We follow the group principles on sustainability and ethical conduct and we are mindful of the community in which we are based and our responsibilities both as a UK based business and as a UK taxpayer.

This tax strategy is published under the legislation set out at paragraph 22(2) Schedule 19 Finance Act 2016 for the financial year ended 31 December 2017.

Our approach to Risk Management and Governance
In the UK, the Board of Directors of Bracco UK Limited have ultimate responsibility for the tax affairs of the company and the Board delegates day to day responsibility for tax matters to the Finance Manager.

Supported by our professional adviser, we have implemented what we consider to be robust processes and controls to enable the company to deliver complete and correct tax returns to HMRC and ensure that we minimise tax risk. Where we encounter complex or uncertain tax matters, advice is obtained from an external adviser and when appropriate, matters may be raised with HMRC in real time, which allows the Board to consider and minimise any tax risk.

Our approach to tax planning and tolerance of tax risk
We have a low tolerance for tax risk, and do not participate in any transaction that may be led by a tax saving motive. In the commercial transactions that we undertake we seek professional advice from third party advisers, who are appropriately qualified, in order to minimise any tax risk.

We seek to comply with all applicable tax legislation and whilst we may utilise reliefs and incentives which have been made available in the legislation, we adhere to the spirit of the law and apply legislation in the way in which it was intended.

Our approach to our dealings with HMRC
We take our responsibilities as a UK taxpayer seriously, and aim to be co-operative, responsive and transparent in all of our dealings with HMRC.

In addition to corresponding with HMRC regarding the company’s tax affairs, we also participate in various HMRC update sessions, generally by webcasts, to ensure that we are up to date on legislative changes and HMRC’s guidance.

Updated 19 December 2017