Our tax responsibilities | RBS

Our Tax Responsibilities

We adopt the following approach in relation to our tax responsibilities:

  • We are committed to the responsible management of our tax affairs, including a transparent and compliant approach to tax law
  • We are committed to paying the right amount of tax in the jurisdictions in which we operate, to completing and submitting accurate tax returns and to paying tax due within the timeframes set by legislation
  • We do not establish businesses in any jurisdiction with the sole or main purpose of gaining a tax advantage or to divert profits from higher tax rate jurisdictions and we operate policies to ensure that there is no artificial diversion of profits between high and low tax countries
  • We are transparent in our interaction with tax authorities.  In the UK we have signed up to the UK Government’s Code of Practice on Taxation for Banks (“the Code of Practice”) which commits us to obeying the spirit, as well as the letter of the law, and to maintaining an open dialogue with HM Revenue and Customs.  All parts of the Bank worldwide are expected to follow the Code of Practice
  • RBS Tax approval of new products, transactions or business proposals is required through the group’s risk governed sign-off processes.  Our tax specialists ensure that we comply with tax law and practice in an accurate and timely manner, that transactions and business proposals are within tax risk appetite and that we consult with HM Revenue and Customs and/or external advisors where necessary
  • We will only undertake tax planning which supports genuine commercial activity and is compliant with the Code of Practice
  • We have a low appetite for tax risk

More detail on our approach can be found in our Tax Strategy here:

Read our Tax Strategy in detail [PDF 67KB]


Management of the Risk of Tax Evasion 

RBS has no tolerance for knowingly facilitating tax evasion either on our own part or on that of our customers.  We take a risk based, proportionate approach to identify and prevent tax evasion and also maintain procedures to safeguard against our associated persons knowingly facilitating tax evasion.


Tax transparency

RBS continues to comply with global initiatives to improve tax transparency, such as:

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


Tax Payments in 2017

• Contributed £1.75 billion in tax globally
• Contributed £1.55 billion tax to the UK compared to £1.41 billion in 2016


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.


CBCR information will be updated during H1 2018 

Read RBSG full country-by-country tax payments [PDF 73KB] EY’s audit opinion over RBSG country-by-country tax payments [PDF 224KB] Read Ulster Bank Ireland Designated Activity Company (UBIDAC) country-by-country tax breakdown [PDF 27KB] EY's audit opinion over UBIDAC country-by-country tax breakdown [PDF 221KB]
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