Tax Strategy: Almac Approach

In accordance with paragraph 16(2) Schedule 19 Finance Act 2016 this represents the Group’s tax strategy in effect for the year ended 30 September 2026.

The Almac Group is a group of companies operating in the highly regulated and risk averse pharmaceutical and biotechnology sectors. The Group adopts a similarly low-risk approach to its tax affairs and tax strategy.

The Group seeks to balance the interests of all stakeholders, including wider society, and to maintain trust through responsible and transparent tax conduct. This includes ensuring that all taxes legally due are paid in a timely manner, in accordance with both the letter and spirit of applicable tax legislation.

The Tax Strategy is consistent with the Almac Code of Ethics and is approved by the Almac Group Board, who consider that sufficient controls and processes are in place to implement the Tax Strategy successfully.

Tax Risk Management and Governance

In operating our tax risk management and governance processes, Almac Group has a low appetite towards tax risk. We are committed to full compliance with our tax obligations, paying all appropriate taxes as and when they fall due. We seek to ensure that our tax arrangements remain consistent with a low-risk assessment, both in financial and reputational terms.

The Group’s policy is to comply with all relevant laws, rules, regulations, reporting, and disclosure requirements and to pay the amounts of tax legally due. Tax matters are proactively managed by having a clear internal governance framework, together with business controls and processes.

The Group Executive Director of Finance (who is also the Senior Accounting Officer) is responsible for management of the Group’s tax affairs. Support and approval from the Board is also sought for corporate transactions considered material or complex. The Group Executive Director of Finance is further supported by an experienced Group Tax Director as well as the Financial Controllers within each business unit.

To allow for enhanced risk management due to Almac’s growth, the Group Tax Director has continued to expand the in-house tax team. The tax team members are qualified professionals, and the Group supports them in continued training to ensure compliance with changing tax legislation and technical developments. To support robust tax decision-making, the Group engages suitably qualified external advisors where specialist expertise is needed.

Approach to Tax Planning

Almac makes tax decisions which support, and are consistent with, the Group’s overall strategy to maximise after-tax returns for reinvestment into the business.

The Group considers tax costs and risks before key decisions are implemented. Almac may use available incentives and reliefs to minimise the tax costs of its business activities, whilst complying with all relevant tax laws in the jurisdictions where it operates.  

The Group does not engage in aggressive tax planning schemes, nor does it participate in artificial transactions which are not commercially driven or for which the main purpose would be to obtain a tax advantage. Tax decisions are made within a defined framework, ensuring positions are supportable and well documented. Where uncertainty exists, the Group adopts a prudent approach and may seek external advice.

Relationship with HMRC

Almac Group is committed to acting with transparency and integrity, and engages with HMRC openly, collaboratively, and constructively. We feel this is the best way to ensure that we pay the appropriate amount of tax on time and to maintain a good working relationship with HMRC. Where necessary, we will seek formal or informal clearance from HMRC on uncertain tax positions insofar as they relate to our tax affairs. We endeavour to engage with HMRC as soon as possible in any areas of material uncertainty, to minimise our tax risk and to provide greater certainty for both parties in advance of formal tax filings.

Review and Publication 

This strategy is approved by the Board and reviewed annually.

This document is published online in accordance with Schedule 19 Finance Act 2016.