The Bank of London conducts business ethically, honestly, fairly, and transparently. How we conduct ourselves is critical to our success. We strive to maintain and adhere to the highest standards of governance and ethical conduct in everything we do.
Our commitment to ethical behaviour and conduct means that we abide by not only the letter, but also the spirit of applicable acts of Parliament and regulation and, in particular, with regard to our tax planning and strategy. As such, we’ll always pay tax in line with both the requirements and the spirit of all acts of Parliament.
1. WE DON’T ENGAGE IN ARTIFICIAL TAX PLANNING
We believe artificial tax planning is wrong. We’ll only enter into transactions to support commercial activities – we won’t engage in artificial tax planning for the sake of cutting or avoiding the paying of tax.
2. WE PROTECT VALUE
We want to provide great value for our shareholders, stakeholders, our clients, and their customers. One of the ways we achieve this is by minimising our costs through effective tax management, meaning such things as claiming lawful reliefs and incentives where it is permissible to do so – but only in line with the intentions of the law and the spirit in which relevant acts of Parliament were passed.
3. WE ACT WITH DUE CARE
Given the impact tax can have on our company, shareholders, and stakeholders, we’ll be diligent in how we manage all our tax-related processes by reviewing everything through clear reporting lines and making any changes we need via these structures. Both our Group Board and United Kingdom Board receives monthly updates as to our compliance with tax laws and regulations, so oversight over our tax strategy goes all the way to the top.
4. WE MANAGE RISK
Tax law and regulation can be complicated. So, can running a bank. This means we may run into tax issues from time to time. We’ll make sure we have the right policies, systems, and procedures in place to manage these and ensure we’re paying the right amount of tax.
5. WE WORK WITH THE RIGHT PEOPLE
In the spirt of ensuring we pay the right amount of tax, rather than employing a large or complex in- house tax team, we work alongside our external advisors to manage our tax position and keep it compliant.
6. WE ARE TRANSPARENT
We adopt His Majesty’s Revenue & Custom’s (“HMRC”) voluntary Code of Practice for banks and seek to collaborate openly and honestly with them. We endeavour to be proactive in our all our discussions with HMRC and strive to meet any deadlines they may set.
7. STATEMENT APPROVAL
This statement was approved by the Group Board of Directors and the United Kingdom Board of Directors in November 2021 and confirm this statement fulfils its obligations under the Finance Act 2016; Schedule 19, Paragraph 22(2).