Silence Therapeutics plc

The Group operates in the U.K. and is subject to income taxes in that jurisdiction. The U.K. tax rate applied for 2025 was 25% (25% for 2024). U.K. deferred tax assets and liabilities have been measured at a rate of 25%. The entire tax expense relates to current tax as shown below. No deferred tax was recognized in the year.

Income (loss) from continuing operations before income taxes:

The significant components of income tax expense attributable to income from continuing operations for the years ended December 31, 2025 and December 31, 2024 are as follows:

Income tax expense (benefit) attributable to income (loss) from continuing operations for the year ended December 31, 2025 differed from the amounts computed by applying the statutory UK federal income tax rate of 25 percent to pretax income (loss) from continuing operations as a result of the following:

Reconciliation of the income tax credit at standard rate of U.K. corporation tax to the current tax credit for the year ended December 31, 2024 is as follows:

A schedule of income taxes paid by jurisdiction is as follows:

The Group didnot have any deferred tax liabilities as at December 31, 2025 and 2024. Components of the Group’s deferred tax assets as at December 31, 2025 and 2024 are as follows:

(1)

Included in trading losses is $8.2 million of accumulated tax losses as of December 31, 2025 ($7.4 million as of December 31, 2024) related toits operations in Germany for corporate income taxes and $7.1 million of accumulated losses related to trade taxes inits German entity ($6.5 million as of December 31, 2024).

Movements in deferred tax valuation allowance:

Management has reviewed cumulative tax losses and projections of future taxable losses and determined that it is not more likely than not that they will be realized. Accordingly, valuation allowances have been provided over deferred tax assets.

Since the Group does not have an establishment or place of business in China, the Group is subject to withholding tax on gross income from dividends, interest, lease of property, royalties, and other China-source passive income. In 2021 the Group entered into a collaboration agreement with Hansoh, a biopharmaceutical company in China. In 2024 the Group received a milestone payment of $2.0 million, which required withholding tax of $0.2 million. We didnot receive a milestone in 2025.

During the year, the Group had not yet received the research and development tax credit related to the prior year. The Group has recognized $7.5 million in respect of the current year for unfunded projects that are permissible to claim under the SME scheme (2024: $13.2). In addition, in 2024 we have also recognized $0.3 million related to the RDEC scheme which is not applicable for 2025.