Our tax responsibilities
** Additonal information on tax can be found the Annual Report **
We are committed to the responsible management of our tax affairs, including a transparent and compliant approach to tax law – we believe that taxpayers should not seek to exploit weaknesses in the system to gain an advantage.
Our tax specialists ensure that we comply with the law in an accurate and timely manner, and our risk-based approach ensures a rigorous review and approval process.
RBS continues to operate policies to ensure there is no artificial diversion of profits between high and low tax countries. We will not take any actions which could lead to facilitation of tax evasion either on our own part or on that of our customers.
We manage tax in accordance with local laws and we are transparent in our interaction with tax authorities. In the UK, we have signed and comply with the Government’s Code of Practice on Taxation for Banks which commits us to obeying the spirit and letter of the law, and to maintaining an open dialogue with HM Revenue & Customs (HMRC).
Tax payments in 2015
We contributed £1.36 billion in tax to the UK Government in 2015 compared to £1.30 billion in 2014, making us one of the largest UK taxpayers.
Country-by-country tax payments
In accordance with the European Commission’s Capital Requirement Directive IV, we disclose our full country-by-country tax payments online.
Please note that because of the way tax law operates, there is often a substantial difference between taxable profits and accounting profits.