Tax Strategy

Objective

Our aim is to adopt a sustainable tax strategy that complies with all legal requirements, in all jurisdictions in which the Group operates, by making all appropriate returns and payments in respect of its tax liabilities and that any taxes collected on behalf of the authorities are correctly accounted for.

Risk Management

The Group maintains an effective risk management framework which includes policies used to identify, measure, manage, monitor and report risks across the Group. The key tax risks are assessed and documented in line with the risk management framework, which is designed to reflect the Group’s low tax risk appetite and its commitment to tax good governance. The Board has ultimate responsibility for tax matters, and on a day-to-day basis this is delegated to the Chief Financial Officer, who is supported by the Group Financial Controller and external tax agent, PWC. Third line assurance is provided periodically by the internal audit function.

Tax Planning

The Group only enters into tax planning or transactions that are commercially driven and consistent with legislative intent. The tax implications of business transactions are considered as part of normal governance processes and are communicated to relevant colleagues as appropriate. Where there is uncertainty or complexity in relation to a tax position, external advice is sought as appropriate. Changes in tax legislation are monitored by management and our advisors, and evaluated in the context of the Group’s activities.

Relationship with authorities

The Group is committed to maintaining an open and transparent relationship with HMRC and other relevant tax authorities. The Group seeks to engage HMRC, via our tax agent, in a collaborative, compliant and timely manner.

This strategy was approved and overseen by the Board of Directors on 15 December 2025 and will be reviewed annually.