Samsung Securities : FY2022 Tax Strategy (FULL)

Samsung Securities (Europe) Limited - UK Tax Strategy

Commercial Context

Samsung Securities Co., Limited provides personalised asset management services to individual investors through market-leading products and solutions. As Korea's no.1 house bank, our extensive experience in deals and networks allows us to provide comprehensive financial solutions to corporates. Samsung Securities Co., Limited leads the innovation of the capital markets with persistent challenges, provides the best financial services to clients, and ultimately contributes to human society.

Samsung Securities (Europe) Limited acts as an agent in securities dealing.

Commitment to compliance

As set out in our Group Business Principles we seek to comply with laws and ethical standards and act as a socially responsible corporate citizen.

From a UK tax perspective this means we seek to fulfil our responsibilities to pay UK taxes faithfully and complete our tax reporting obligations in accordance with all relevant tax laws, rules and other regulations.

We are committed to the submission of accurate tax returns and the settlement of liabilities by relevant deadlines.

In accordance with our Global Tax Policy, unfair internal transactions between the affiliates of Samsung are prohibited. As such, in the UK we periodically benchmark our transfer pricing arrangements to ensure they are made on an arm's length basis and in line with OECD guidance.

Tax risk management and governance

The Tax Department in Korea has established a Tax Policy which is also available on this website. This is the primary document which sets out our approach to tax. However, the publication of this UK Tax Strategy is intended to meet the additional, specific requirements of the Part 2 of Schedule 19 of Finance Act 2016 in respect of the period ended 31 December 2022.

We have a decentralised management structure and responsibility for implementing the Samsung Securities Co., Limited Tax Policy and Samsung Securities (Europe) Limited UK Tax Strategy Statement rests with the UK finance team.

Leadership and oversight is provided directly by the Managing Director and day to day management of tax matters is the responsibility of the Finance Manager.

We proactively manage tax risk and our approach is implicitly included within our broader approach to risk management. Risks are raised in a timely manner to our risk management team in Korea and any matters that were deemed sufficiently material would be escalated to the Board.

Where we outsource tax compliance activities we choose our partners carefully to ensure that tax risks mitigated and our high standards are maintained.

Tax Planning

We look to predict our tax burdens and proactively respond to them. This includes responding to legitimate tax incentives in line with the intention of Parliament. However, as a socially responsible corporate citizen we do not engage in artificial, contrived or aggressive tax planning arrangements that could damage our reputation or impair our relationship with HMRC.

Tax Risk Appetite

We look to pro-actively manage tax risk and have a conservative approach. We seek to mitigate tax risk through regular consultation with advisors, particularly in respect of new, complex or judgemental tax matters.

HMRC Relationship

Samsung Securities (Europe) Limited is part of a broader group of Samsung companies that have been allocated a customer relationship manager ('CRM') by HMRC. We rarely encounter problems in respect of tax matters but where we do we look to resolve them in a collaborative manner and in real time. More broadly our Tax Policy dictates that we disclose tax information transparently to HMRC.

This UK Tax Strategy is approved by the Sole Director of Samsung Securities (Europe) Limited

Kuntae Kim

Sole Director

15 December 2022