Tax Strategy
Tax Strategy
This document is published in accordance with the requirements of Section 161 and Schedule 19 of the Finance Act 2016 and sets out CMS’s approach to UK taxation.
This Tax Strategy applies to the CMS UK entities for the financial year 2026 and will be reviewed periodically.
While this Tax Strategy is published to meet UK legislative requirements, we seek to apply similar principles of responsible tax conduct across our operations more broadly. We are committed to conducting our business responsibly and ethically, in line with CMS’s core values. We seek to pay the correct amount of tax in accordance with UK tax laws and regulations. Where appropriate, we obtain external professional advice and manage our tax affairs in a manner consistent with applicable legal requirements. This document is intended to provide a high-level overview of CMS’s approach to UK taxation and does not constitute legal, tax, or financial advice, nor does it create any binding obligations.
The following principles apply to the CMS’s UK tax affairs:
Our Approach to Risk Management and Governance
The Board has overall responsibility for approving the CMS’s tax strategy and overseeing its implementation. Day-to-day responsibility for tax matters is delegated to appropriately qualified personnel. Where necessary, external professional advisors are engaged.
CMS maintains governance processes designed to identify, assess, and manage tax risks. Significant tax matters are escalated to senior management and, where appropriate, the Board. Controls and procedures are designed to support compliance with the requirements of HMRC however, no system of controls can eliminate all risk.
Our Approach Towards Tax Planning
CMS undertakes tax planning that is aligned with genuine commercial activities and driven by business substance. Tax considerations are taken into account as part of normal commercial decision-making, with a focus on understanding the tax consequences of transactions.
CMS aims to not enter into arrangements that are artificial or contrived and lack commercial purpose.
The Level of Risk Regarding Taxation That We Will Accept
CMS seeks to understand the UK tax consequences of significant transactions in advance and, where appropriate, may seek external professional advice or engage with HMRC.
CMS adopts a cautious approach to UK tax risk and aims to maintain tax positions that are supportable under applicable law. CMS does not seek to pursue tax positions that it considers to be unsustainable or that could give rise to undue reputational or regulatory risk.
Our Approach Towards Dealing with HM Revenue & Customs
CMS aims to maintain an open and professional working relationship with HM Revenue & Customs (HMRC), based on principles of transparency, cooperation, and mutual respect.
CMS seeks to comply with UK tax filing, reporting, and payment obligations in a timely manner and to respond appropriately to enquiries from HMRC. Where differences of interpretation or errors arise, CMS aims to address matters in a cooperative and proportionate manner, recognising that UK tax legislation may be subject to interpretation and change.
Publication
This Tax Strategy is published for the purposes of Schedule 19 of the Finance Act 2016 and may be updated or amended from time to time without notice. This document was approved by the CMS CFO on 02nd January 2026.