This published tax strategy covers QVC UK Holdings Limited, all of its UK tax-resident subsidiaries and applies to all UK taxes and duties. It satisfies our obligations under Schedule 19 (2) of the UK Finance Act 2016 in respect of the financial period ended 31 December 2025.

References to “QVC” are to QVC, Inc. a Delaware corporation.  References to “QVC UK” or the “Company” are to QVC UK Holdings Limited and all of QVC UK Holdings Limited’s UK tax-resident subsidiaries.

References to “UK taxation” are to the UK taxes set out in paragraph 15(1) of Schedule 19, which include: Income Tax, Corporation Tax, Value Added Tax, PAYE, Stamp Duty, Customs Duties and other taxes and duties.

References to “tax” or “taxes” are to UK taxation and to all other corresponding worldwide taxes and duties for which QVC UK has legal responsibilities.

Background

QVC is a retailer of a wide range of consumer products, which are marketed and sold primarily by merchandise-focused televised shopping programs, the Internet and mobile applications. QVC is an indirect wholly owned subsidiary of QVC Group, Inc. (“QVC Group”), which is a US public company.

For the year ended 31 December 2024, QVC Group had world-wide net revenue in excess of $10 Billion and over 17,000 world-wide employees.  QVC UK broadcasts 16 hours of live programming each day and reaches approximately 28 million households that are located in both the UK and the Republic of Ireland.

Approach of the Company to risk management and governance arrangements in relation to UK taxation

QVC Group’s Tax Department, located at its headquarters in the United States, is responsible for the group’s global tax risk management, which includes tax risk management of behalf of QVC UK.

QVC Group’s Vice President (“VP”) of Tax manages a staff comprised of tax professionals and has responsibility for all day-to-day tax-related matters. The VP of Tax reports directly to QVC Group’s Chief Financial Officer (“CFO”) who has oversight over QVC Group’s accounting and tax matters and who reports to the QVC Group CEO.

QVC UK complies with the Senior Accounting Officer (“SAO”) regime in the UK. The QVC UK Accounting Manager is the SAO and reports to QVC Group’s Senior VP of Corporate Finance.  Compliance with the SAO regime coupled with QVC UK’s accounting and tax internal controls supported by a centralized tax team serving the Europe region ensures the accuracy of the accounting and tax records to support accurate tax reporting. In addition, tax returns are reviewed by external tax service professionals prior to submission to HMRC.

QVC UK’s ultimate shareholder, QVC Group, also provides oversight on material tax planning and tax compliance matters related to both QVC and QVC UK and reports material tax matters to the audit committee of QVC Group’s board of directors. In addition, QVC UK seeks external tax advice from legal and professional advisory firms with respect to complex tax matters or where there is tax uncertainty in how applicable legislation and guidance is to be interpreted.

The Company’s attitude towards tax planning (so far as affecting UK taxation)

QVC UK aims to comply with all UK tax rules and tax regulations. QVC UK’s tax planning is aligned to achieve the commercial goals of the business. QVC UK does not engage in aggressive tax planning transactions or transactions that lack economic substance. Related party transactions are conducted on an arm-length basis in accordance with transfer pricing rules. The related party transactions are supported by transfer pricing studies carried out by reputable independent third parties where appropriate.

The Level of risk in relation to UK taxation that the Company is prepared to accept

QVC including QVC UK has adopted the QVC Group Code of Business Conduct and Ethics (“Code”). One of the key tenets of the Code is Compliance with Laws and Regulatory Requirements. This requires that all QVC employees respect and comply with the laws, rules and regulations of countries in which QVC UK conducts its business or which otherwise are applicable to QVC UK. The Company adopts a low- risk approach in relation to its tax affairs.

The Company’s approach towards its dealings with His Majesty’s Revenue and Customs (“HMRC”)

QVC UK is committed to having a transparent and honest working relationship with HMRC. QVC UK pro-actively engages with the HMRC about changes to the business that have tax significance. QVC endeavors to keep HMRC aware of transactions with significant UK tax implications and will seek clearance on tax compliance matters at an early stage where appropriate. We will work with HMRC to respond to queries and resolve differences in a timely and professional manner.

Approval

This published tax strategy has been approved by the SAO, the QVC Group’s VP of Tax, the QVC International CFO and the QVC International General Counsel.