Being a responsible taxpayer

Alongside transparent products, we strive to be transparent in all other areas of our business. This is not only because it is an essential component of corporate governance, but because in being open with our stakeholders on issues that are important to them, we are able to build further trust.

We are committed to being a fair and responsible tax payer, operating in an open, honest and straightforward manner in all tax matters and being fair and reasonable in all our dealings with tax authorities. We seek to ensure that we comply with all tax rules and regulations in each territory in which we operate. While we safeguard our reputation as a responsible taxpayer, we recognise that we also have a responsibility to protect shareholder value by managing and controlling our tax liabilities.

Our tax strategy is aligned with HM Revenue & Customs’ (HMRC) Code of Practice on Taxation for Banks (“the Code”) which sets out the principles and behaviours expected of banking groups with regard to tax, and we have unconditionally adopted the Code.

Our tax strategy is supported by our tax procedures manual which sets out how the objectives and policies set out in our tax strategy are achieved, as well as setting out further details of our tax risk management framework.

Taxes allow governments to fund essential public expenditure, enabling them to meet economic and social objectives, and are a key part of how our business contributes to society.

We are committed to ensuring that we pay the tax we are legally required to, in all of the territories in which we operate. We comply with all tax rules and regulations in those territories and we safeguard our reputation as a responsible taxpayer. However, we recognise that we also have a responsibility to protect shareholder value by controlling and managing our tax liabilities.

Our approach to tax is set out in our tax strategy which is aligned with our mission, core values and overall CR strategy. We are committed to being a responsible taxpayer, being straightforward and transparent on all tax matters and acting fairly, responsibly and with integrity in all our dealings with tax authorities.

Our tax strategy is aligned with HM Revenue & Customs’ (HMRC) Code of Practice on Taxation for Banks which sets out the principles and behaviours expected of banking groups with regard to tax, and we have unconditionally adopted this code.

To read more about what makes us a responsible tax payer, please download our Managing other CR issues section of the 2017 CR report.