Tax strategy

Introduction

Founded and headquartered in Cambridge, UK, Raspberry Pi was started in 2012. Headquartered in Cambridge, UK, Raspberry Pi’s mission is to put high-performance, low-cost, general-purpose computing platforms in the hands of enthusiasts and engineers all over the world.

Raspberry Pi is a full-stack engineering organisation, with research and development capabilities spanning the entire value chain, from semiconductor IP development, through semiconductor and electronic product design to software engineering and regulatory compliance. The high performance, low cost, and physical robustness of Raspberry Pi products make them suitable for a wide range of applications, across three distinct markets: Industrial and Embedded, Enthusiast and Education, and Semiconductors.

The Group’s tax strategy for the period ending 31 December 2024 has been prepared in accordance with paragraph19(2) of Schedule 19 to Finance Act 2016. This strategy applies to all UK and worldwide taxes, which include, but are not limited to:

• All corporate income taxes
• Indirect taxes (e.g. VAT)
• Employment taxes (e.g. PAYE, National Insurance)
• Other applicable tax matters

The Group’s tax strategy aims to ensure that all tax affairs are conducted in a manner which is transparent and in compliance with local tax requirements in all material respects.

This strategy is reviewed annually and applies from the date of publication until superseded.

Governance

The Group finance department is responsible for the delivery of tax strategy approved by the Board of Directors (‘the Board’), overseeing all tax activities across the Group entities. The department is based in Cambridge. The Group finance department reports to the Group Financial Controller who reports to the Chief Financial Officer (‘CFO’). On behalf of the Board the Audit Committee reviews the resourcing of the Group finance department and its compliance with the tax strategy.

The Group finance department is responsible for all tax matters, providing advice and support to Group level functions, supporting the Group in respect of significant transactions, as well as managing tax compliance obligations. The Group finance department is also responsible for the development, maintenance and review of tax procedures, controls, and policies.

The Group Financial Controller and CFO participate in all substantive decisions involving tax matters and are regularly informed about relevant tax developments impacting the Group, raising tax issues to the Board or Audit Committee as appropriate.

Attitude to Tax Risk and Tax Planning

As a business in a rapidly changing industry, the Group understands that it is exposed to tax risks arising from uncertainties in tax legislation as well as an increasingly complex tax environment. While it is aware that these risks may not be eliminated completely, the Group endeavours to minimise the risk by ensuring compliance processes are implemented and reviewed, and that external advisors are engaged as and when appropriate.

The Group does not engage in high risk or aggressive tax planning, or artificial transactions whose aim is to gain a tax advantage. Any planning around tax is a result of genuine commercial activities and the Group seeks to structure itself in a manner which is compliant with all applicable tax regulations, but which is also efficient. For example, the Group takes advantage of available statutory reliefs, such as the R&D Expenditure Credit relief in the UK, and follows arm’s length principles globally.

The Group will continue to structure itself in line with business requirements and ensure it has robust controls and processes to allow it to manage tax risks effectively. The Group is committed to paying the right amount of taxes at the right time and ensuring the highest integrity in all of its tax reporting.

Relationship with HMRC and Other Tax Authorities

The Group supports open and transparent relationships with fiscal authorities, including HMRC and all other relevant global tax authorities. This is achieved through prompt exchange of requested information, proactive engagement with the authorities and through open dialogue to address any relevant tax matters.

Any accidental errors which may arise in tax submissions to HMRC or other tax authorities are disclosed as soon as possible once corrections have been identified.

Versioning

This policy was approved by the Board on 25 November 2024. We update and review this policy annually.