United Kingdom – English

NBAD UK Tax Strategy

Our approach to tax
At NBAD we aim to ensure that the right amount of tax is paid at the right time in the right location.

Tax strategy
We aim for our tax affairs to be transparent. Our tax strategy supports our Group strategy and ethical code. It is quite clear about what activities we will and will not engage in:

  • Meet all legal and regulatory requirements;
  • Make all appropriate returns and payments
  • Always consider the Group’s reputation, corporate and social responsibilities
  • Consider tax as part of every major business decision
  • Discuss our interpretation of the law with HMRC and similar national tax bodies
  • Operate appropriate tax risk governance processes and have policies to support these
  • Not undertake transactions whose sole purpose is to create an improper tax result or which are outside of the Group's risk appetite or are not in line with our internal Ethical code

Tax risk management
With tax laws constantly changing, the Group’s tax affairs and tax risk management procedures are reviewed regularly to ensure that processes are up-to-date so that we are able to identify, assess, manage and mitigate tax risk.

Responsibility for the 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 team.

Tax compliance
Tax compliance has become increasingly complex. We apply the legislative law in all territories in which we operate.

We continue to strengthen 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.

NBAD continues to support global initiatives to improve tax 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; and
  • the OECD Base Erosion and Profit Shifting (‘BEPS’) initiative.
  • the US Foreign Account Tax Compliance Act (‘FATCA’);

We do not expect the BEPS initiative or similar initiatives adopted by national governments to adversely impact NBAD’s results.

As our operations are regulated by external bodies we have to ensure that we are compliant from a regulatory perspective and we provide support and training to our employees across the bank to do this.

All of our finance teams interact with HMRC and overseas tax authorities and we seek to have an open and transparent approach with them. We aim to respond to any queries in a timely and appropriate manner.