Tax strategy

The tax strategy and tax policies of our UK group.

The publication of this strategy statement is regarded as satisfying the statutory obligation under paragraphs 19(2) and 22(2), Schedule 19, Finance Act 2016 for the UK companies within the RCI Group

For the financial year ended 31 December 2022

The publication of this strategy statement is regarded as satisfying the statutory obligation under paragraphs 19(2) and 22(2), Schedule 19, Finance Act 2016 for the UK companies within the RCI Group

Strategy

  • The UK Group (RCI Bank UK Ltd and RCI Financial Services Ltd) is committed to acting with integrity and transparency in all tax matters.
  • The Board of Directors has a low appetite for tax risk - our tax strategy and policies require that we fully comply with the letter and spirit of UK tax law.
  • We make timely and accurate tax returns that reflect our fiscal obligations to Government.
  • We aim for certainty on the tax positions and our policy is not to make interpretations of tax law that are opposed to its original spirit.
  • To support us in ensuring that we have interpreted tax law and its spirit correctly, we seek advice from large external accounting firms, legal firms and/or tax counsel as appropriate.

Our relationship with HMRC (HM Revenue & Customs)

  • An important part of our tax strategy and policies is the maintenance and development of a strong, proactive working relationship with HM Revenue & Customs (“HMRC”).
  • We are transparent with HMRC and, in cases of interpretation or complexity, work with them on a real time basis to determine the amount of tax due.

Tax disclosure

  • We understand the value of our financial reporting to customers, investors and other stakeholders. We work to provide enhanced, transparent and balanced disclosure in communicating our tax affairs.

Governance

  • Tax matters including strategy and policies are the ultimate responsibility of the Board of Directors of the UK Group. 
  • The Board of Directors delegates authority to the CEO of the UK Group for the day-to-day management of tax-related topics.