Tax Strategy Statement

This document sets out the tax strategy of CVS Group plc and its wholly owned subsidiaries (“CVS” or “the Group”) in the UK, and other territories as applicable.

The objective of CVS’s tax strategy is to:

  • pay the right amount of tax at the right time,
  • maintain an open and robust relationship with HM Revenue & Customs (“HMRC”), and tax authorities in each jurisdiction in which the Group operates,
  • maximise the return for investors,
  • always act with honesty and integrity. Honesty and integrity are at the heart of our Group’s cultures and values.

CVS’s approach to risk management and governance arrangements in relation to taxation

CVS’s attitude to tax planning

The Group is committed to acting with honesty and integrity.

The Group aims to meet all of its statutory obligations and ensure that the right amount of tax is paid at the right time, and that returns are made on timely basis.

Within this context, the Group aims to be fair to our stakeholders, such as customers and shareholders, by ensuring the Group’s activities are carried out in a tax efficient manner and any tax planning is undertaken in this context.

The Group’s policy is to not undertake an aggressive interpretation of tax legislation or use artificial tax avoidance schemes. The Group does not perform tax planning where the main purpose is to gain a tax advantage, all transactions must have a business purpose. The Group applies relevant tax laws in a reasonable way and in the spirit they were intended, such as making use of the appropriate reliefs and exemptions permitted by legislation.

Matters that require judgement are reserved for senior members of the finance team with a professional qualification. All areas of judgement are ultimately reviewed by the Chief Financial Officer.

To support the Group in ensuring we have interpreted tax law correctly, have understood the tax reliefs and exemptions available to us, or where there is significant uncertainty or complexity, we may seek advice from reputable external professional firms.

The level of risk in relation to taxation that CVS is prepared to accept

CVS Group’s policy is to only accept a low level of risk with regard to taxation.

Decisions on tax planning are undertaken only at a senior level and as agreed by the Chief Financial Officer. Individuals are not given delegated responsibility which would allow them to set their own level of risk which could be taken in tax planning.

It is the Group’s policy that the Board should be involved in making decisions where there are any doubts over how to apply the tax strategy.

CVS’s approach towards its dealings with HMRC and other Tax Authorities

The Group is committed to developing and maintaining an open and constructive working relationship with HMRC and the tax authorities in each jurisdiction in which it operates. It is CVS Group policy to be transparent with HMRC and all other tax authorities.

Whilst this is a global tax strategy, this statement is made pursuant to the requirements of the UK legislation, Schedule 19 of Finance Act 2016, in respect of the year ending 30 June 2024. It was approved by the Board of Directors on 23 May 2024.