The relevant UK entities within BTG Speciality Pharmaceuticals (“BTGSP”), which incorporate BTG International Healthcare Ltd, Protherics Medicines Development Limited and Protherics UK Limited, recognise their obligations to comply with all relevant tax requirements and filing obligations, including corporate income tax, payroll taxes, VAT and other taxes*.

BTGSP aim to be open and transparent in dealing with the tax authorities. The BTGSP finance teams will, on behalf of the Board of Directors of the entities within BTGSP, engage with local tax advisors to obtain advice and assistance in the preparation of their tax returns and in considering their tax positions. An external auditor audits the accounts of the entities within BTGSP on an annual basis. Where appropriate, accruals are made for uncertain tax items in line with local GAAP requirements.

BTGSP believes that it should pay the amounts of tax legally due. There will, however, be circumstances where this amount may not be clearly defined, or where alternative approaches may result in differing tax outcomes. The Board of Directors of BTGSP entities will use their best judgement in determining the appropriate course of action, using available reliefs and incentives where possible.

The Board of Directors of the relevant entities of BTGSP are updated on significant tax matters including the tax implications of commercial activities. The relevant entities within BTGSP seek to interpret the relevant tax laws in a reasonable way and external professional tax advice is taken where necessary.

*Last reviewed in September 2022 and relates to the financial year ended 31 December 2021

Under UK law, the relevant UK entities listed above are required to publish their tax strategy. SERB and the legacy BTG Specialty Pharmaceuticals entities consider that through this communication, they are complying with the duty under paragraph 22(2) schedule 19 of the UK Finance Act 2016.