Tax Responsibilities and Payments

NatWest Group is committed to the responsible management of our worldwide tax affairs including a compliant approach to tax law in a transparent manner.

Tax responsibilities

The approach we take to our tax affairs and management of tax risk can be found in our Tax Strategy here:

Read our Tax Strategy in detail (PDF 206KB)

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

  • We are focussed on the responsible management of our tax affairs in line with our Tax Strategy and HMRC’s expectations outlined in the Code of Practice on Taxation for Banks.
  • We seek to pay the right amount of tax in the jurisdictions in which we operate, complete and submit accurate tax returns and pay 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 require all intra-group transactions to be priced on an arm’s length basis in line with internationally accepted transfer pricing standards and local tax laws.
  • We are committed to improving tax transparency and comply with global initiatives in this regard.
  • 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 honest and open dialogue with HM Revenue & Customs. All parts of the Bank worldwide are expected to follow the Code of Practice.
  • We have a low appetite for tax risk and aim to minimise the level of tax risk arising from our operations as far as is reasonably possible.
  • Our tax specialists review new products, transactions or business proposals through the Group’s risk governed sign-off processes. Our tax specialists aim to ensure that we comply with tax law and practice, that transactions and business proposals are within tax risk appetite, and that we consult with tax authorities and/or external advisors where necessary.
  • We aim to operate in a tax efficient manner by claiming tax exemptions, reliefs, and incentives in line with the relevant legislation and its intended policy objectives and which are consistent with the operational objectives and economic substance of our business.
  • We will only undertake tax planning which supports genuine economic and commercial activity, is based on reasonable interpretations of applicable law and is compliant with the Code of Practice.  Any tax planning proposed is subject to a robust review and approval process.
  • We do not promote products to our customers which we consider to be inconsistent with the spirit of the law.
  • The Group has a zero tolerance policy for knowingly facilitating tax evasion.  Tax evasion is a criminal activity and our approach to anti-tax evasion can be found in our Financial Crime Statement (PDF 205KB)

Tax payments in 2023

These charts show the different taxes we paid globally and in the UK in 2023 as well as the taxes paid analysed by geographical region.

Which taxes do we pay in the UK?

Over recent years we have reduced our operations overseas and have increasingly focused on our banking activities in the UK.  As can be seen from the charts above the majority of our taxes are paid to the UK Tax Authorities.  We set out below more information on the taxes that we paid in the UK during 2023, which are used by the Government to support spending for the benefit of our wider society.

Global Corporate Income Tax Payments

  • Our global corporate income tax payments by jurisdiction during 2023 and 2022 are disclosed in our County by Country report which can be found on pages 414 to 416 of our 2023 Annual Report and Accounts (PDF 19.6MB).
  • More detail on our global operations in low tax jurisdictions can be found on page 59 of the 2023 ESG Report (PDF 8.8MB).
  • For more detail on corporate income tax payments made by Ulster Bank Ireland Designated Activity Company in 2023 visit the downloads section.


To view our historic tax reports, please visit the downloads section. 

Annual Report on Execution of NatWest Group Plc Group Tax Strategy in Poland

During 2020 the tax authorities in Poland introduced a requirement for Polish taxpayers with turnover in excess of Euro 50 million to publish an annual report on the execution of their tax strategies. By law the report must include details of the tax processes and procedures executed during the year to manage the taxpayer’s Polish tax obligations, as well as other tax related information such as transactions with related parties, tax rulings applied for in Poland and the number of Mandatory Disclosure reports submitted in Poland.

NatWest Bank Plc Poland Branch began to be in scope of these requirements for the accounting period ended 31 December 2021. Their report for the accounting period ended 31 December 2022 is published below. The report has been prepared in Polish (as required by Polish law) and English:

To view our historic reports in Polish and English please visit the downloads section.

Related content

Read more about how we are building a bank that is safe, simple and smart.

Information Message

Read more about the important role we have to play to detect and prevent financial crime, protecting people, families, and businesses. 

Information Message