Being a responsible taxpayer

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

We are committed to being a fair and responsible taxpayer, 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 and we safeguard our reputation as a responsible taxpayer, while recognising that we also have a responsibility to protect shareholder value by managing and controlling our tax liabilities.

Our tax strategy

Our tax strategy, which was last updated and approved by our Board in December 2020 and can be accessed here, follows our corporate mission and values. Our tax strategy is aligned with HMRC’s 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.

To read more about what makes us a responsible tax payer, please see our 2019 CR report.