The following document sets out
The company manages its tax affairs based on 5 core principles:
The fundamental principle underlying all the tax decisions within the
2. Open and transparent approach to engaging with HMRC
HMRC is kept informed about business developments to the extent they have a tax impact through regular correspondence. We will always seek to disclose all relevant facts to HMRC to enable them to understand fully the issue in question, and to enable the correct tax treatment to be applied.
In the event that a disclosure is required, these are made voluntarily or with full co-operation from the business.
3. Management of Tax
Ultimate responsibility for the tax affairs of each company sits with the Board of Directors. The Board has assigned the Financial Controller with overall responsibility for its ongoing tax affairs. The financial controller is the nominated Senior Accounting Officer for Tax Purposes.
The company closely with external advisors to ensure tax risk is adequately managed and that the company remain up to date with the latest tax changes that may affect the business.
4. Risk Management
Given the size and global nature of our business, tax risks will arise. The individuals responsible for tax are appropriately skilled to handle these matters and receive regular tax updates to ensure knowledge is always up to date. This enables the teams to identify, monitor and manage tax risks within the business. External advisors are used to help manage the risk and ensure that the company meets its tax obligations. Advisors are also used to assist the business in achieving its core tax principles as outlined in this document.
5. Attitude to arranging our tax affairs
The primary tax objective of the company is to pay the correct amount of tax at the point at which it is properly due. The company will utilise exemptions and reliefs that are legitimately available and in accordance with the wording and spirit of the law.
The company is mindful of its reputation in the marketplace and seeks to operate in a manner of a responsible taxpayer.
Transactions between group companies are conducted on an arm’s-length basis and in accordance with OECD principles. The group do not undertake profit allocation on the basis of tax rates, and profit follows the business activities of the group.
Where tax incentives are implemented by the Government to support investment, employment and economic development,
Engagement in artificial tax arrangements (those without commercial substance) is not undertaken. Where a point is unclear or uncertain, the companies may seek clarification from HMRC, external advisors or the judiciary as appropriate. This is done in order to ensure that the companies comply with their primary tax objective. Tax is not the commercial driver for decision making within the company nor a key performance indicator.
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*Data determined in accordance with the measurement method required by law. Since 01 September 2018 all new cars are approved in accordance with the Worldwide Harmonized Light Vehicles Test Procedure (WLTP), a more realistic test procedure to measure fuel consumption and CO₂ emissions. You can find more information on WLTP at www.porsche.com/wltp. From 01 January 2019, all fuel consumption figures are shown as determined in accordance with WLTP. CO₂ figures will be shown as NEDC-equivalent values, as CO₂ based taxation will continue to be based on an NEDC value (derived from WLTP) until 06 April 2020. Fuel economy and CO₂ emission figures are only intended as a means of comparing different types of vehicles tested under the same test cycle. New WLTP homologated vehicles are therefore not directly comparable with any vehicles tested under NEDC. For Plug-in Hybrid Electric Vehicle (PHEV) range and Equivalent All Electric Range (EAER) figures are determined with the battery fully charged, using a combination of both battery power and fuel.
Values are provided for comparison only. To the extent that fuel consumption or CO₂ values are given as ranges, these do not relate to a single, individual car and do not constitute part of the offer. Extra features and accessories (attachments, tyre formats etc.) can change relevant vehicle parameters such as weight, rolling resistance and aerodynamics which may result in a change in fuel consumption and CO₂ values. Additionally, weather and traffic conditions, as well as individual driving styles, can all affect the actual fuel consumption, electricity consumption, and CO₂ emissions of a car.