This policy applies to Concept Life Sciences Limited and all of its subsidiary entities in its group for the financial year ended 31 December 2024.

Objectives

Concept Life Sciences manages its tax affairs in accordance with the following objectives:

• Ensuring compliance with all relevant tax laws and regulations in all jurisdictions in which the Group operates.
• Supporting the business in achieving its strategic objectives, whilst managing the associated tax costs in a manner that is consistent with the Group’s values, and attitude to commercial risk.
• Seeking to maintain a sustainable and predictable P&L and cash tax rate.
• Ensuring that all communication with tax authorities is conducted in a professional and transparent manner.

The tax strategy supports the Group’s strategic objectives and applies to all forms of tax including corporate income and indirect taxes as well as taxes associated with employees.

Risk management & governance

We recognise that the field of taxation is complex and constantly evolving and we actively monitor local and international developments and participate in consultation with our tax advisors on future tax law change where we believe it is relevant to our tax position.

Concept Life Sciences is committed to maintaining effective procedures for the prevention of the facilitation of tax evasion by any party who acts for or on behalf of the Group, in accordance with applicable law.

Attitude to tax planning

We seek to responsibly manage our tax liabilities in accordance with tax legislation and regulations (such as making use of tax incentives for research and development).

We are committed to not engage in aggressive tax planning and will not use tax havens to minimise our tax liabilities. Furthermore, we will not put in place business or tax structures that lack genuine commercial substance and purpose.

We are committed to ensuring that all transfers of goods and services between companies in the Group are conducted on an arm’s length basis in line with OECD guidelines and transfer pricing legislation and reflect the commercial nature of the individual transactions.

Acceptable levels of tax risk

Concept Life Sciences recognises that tax laws are complex and may be subject to different interpretation. As a consequence, tax positions may be reviewed and challenged by revenue authorities from time to time. We seek to mitigate this risk by taking appropriate professional advice and by fostering good working relationships with tax authorities.

Concept Life Sciences does not employ a formulaic prescription of acceptable tax risk but considers various factors including reputational, financial and operational risks, as well as any potential impact on our relationship with any tax authorities, when determining its approach to tax matters.

Dealings with tax authorities

In our approach to dealing with tax authorities (including HMRC):

• We act in a professional and courteous manner at all times;
• We seek an open and transparent relationship based on trust;
• We aim to respond to all enquiries in a timely fashion; and
• We seek to resolve any disagreements amicably by discussion wherever possible.

Where there is material risk or uncertainty and the relevant tax authorities offer the possibility of early engagement then we will engage in dialogue on a real-time or pre-filing basis where it is practical to do so.