United Kingdom – English

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Tax Strategy | UK

Our approach to tax
We aim to ensure that the correct amount of tax is paid at the correct time in the correct location.

Tax strategy
We have adopted the UK Code of Practice for the Taxation of Banks.

We aim for our tax affairs to be transparent. The UK tax strategy is consistent with the wider Group tax strategy and is clear about what activities we will and will not engage in.

We aim to:

  • Meet all tax legal and regulatory requirements;
  • Meet all required tax returns and payments;
  • Always consider the Branch’s and Group’s reputation, corporate and social responsibilities;
  • Consider tax as part of every business decision;
  • Have an open and transparent approach with HMRC;
  • Operate appropriate tax risk governance processes and have policies to support these; and
  • Not undertake transactions whose sole purpose is to create an improper tax result or which are outside of the Branch’s and are not in line with our Tax strategy.

Tax risk management and compliance

With tax laws constantly changing, the Branch's and the Group’s tax affairs and tax risk management procedures are reviewed regularly to ensure that processes are up-to-date and in line with the latest law and regulations so that we are able to identify, assess, manage and mitigate tax risk.

Responsibility for Tax strategy, policies and management of tax risk ultimately rests with the Group Chief Financial Officer, with day to day responsibility for the operation of the tax function resting with the Group Tax Department.

We continue to consider our policies and procedures to help ensure our banking services are not associated with any arrangements known or suspected to be designed to facilitate tax evasion.

We continue to support global tax initiatives to improve transparency such as:

  • the OECD Standard for Automatic Exchange of Financial Account Information (also known as the Common Reporting Standard);
  • the Capital Requirements Directive IV (‘CRD IV’) Country by Country Reporting;
  • the OECD Base Erosion and Profit Shifting (‘BEPS’) initiative; and
  • the US Foreign Account Tax Compliance Act (‘FATCA’).