2024 UK Tax Strategy

This document sets out Teneo’s policy and approach to conducting its UK tax affairs and managing tax risk and is published in accordance with paragraph 16(2) Schedule 19 Finance Act 2016.

The UK tax strategy applies to all UK resident companies, branches and partnerships in the Teneo UK Bidco Limited group (“UK Group”). This tax strategy relates to the year ending 31 December 2024 and applies to all UK taxes applicable to the UK Group.

The UK Group’s tax strategy is consistent with Teneo’s Code of Business Conduct and Ethics, which applies to Teneo Holdings LLC, its divisions, subsidiaries and affiliates worldwide.

Risk management and governance arrangements

The Group has clear tax policies, procedures and controls in place to facilitate the appropriate identification, measurement, management and reporting of tax risks.

Teneo’s tax strategy is set by the Global Board based on recommendations of the Audit and Risk committee to whom all material tax matters are reported.  Within the UK, this strategy is reviewed and approved by the Board of Directors of Teneo UK Bidco Limited (“the Board”) on behalf of the UK Group.

The Chief Financial Officer (CFO) is the member of the Board with executive responsibility for tax matters. The CFO delegates day-to-day management of tax compliance to finance teams comprising appropriately qualified individuals. Where there is significant uncertainty or complexity in relation to a tax risk, external advice may be obtained.

Attitude towards tax planning and risk tolerance

Our policies and governance framework operate to ensure compliance with tax laws and regulations in all jurisdictions in which we operate, to ensure that we identify and mitigate tax risks.

In structuring our commercial activities, we engage in tax planning that is consistent with and supports our business objectives while ensuring compliance with any applicable laws, rules, regulations and reporting requirements in relation to taxation in the UK (the “UK Tax Rules”).

We also consider the impact that any actions relating to tax may have on the Teneo brand and relationships with key stakeholders, including tax authorities and the wider community.

Relationship with His Majesty’s Revenue and Customs (HMRC)

We approach all communications with HMRC in an open and transparent way, consistent with our aim to ensure timely tax compliance, filing accurate returns, and complying with applicable disclosure requirements.