Emirates NBD
Choose your website
     
  • Home
  • About Us
  • Private
    • Overview

      • When everyone thinks you've done it all, this is the time to ask yourself, "What's next?".
    • Bespoke solutions

      • Investment Services
      • Trust and Estate Planning
    • CIO's Corner

      • The weekly, monthly, quarterly reports from our CIO's team
    • Contact Us

      • We are always within your reach
    • Schedule of Fees and Charges

    • Downloads

      • Core offering
      • Trust and Estate Planning
    • Form Centre

  • Corporate
  • Treasury
  • Contact Us
  • Choose your website
Close

Choose your website
and language

Emirates NBD International

United Kingdom
English
United Arab Emirates
English - عربي
Saudi Arabia
English - عربي
Egypt
English - عربي
Singapore
English - عربي
India
English

Our Websites

SkyShopper.com
English
Emirates NBD Asset Management
English - عربي
Emirates NBD Research
English
Emirates NBD Securities
English - عربي
Emirates NBD Properties
English - عربي
ENBD Reit
English - عربي

The UK Tax Strategy of the Emirates NBD Group

Emirates NBD, is a leading banking group in the Middle East, and was formed in October 2007 as a result of the merger of Emirates Bank International and the National Bank of Dubai.

Our UK presence originated in 1986 with the creation of our London Branch (“Emirates NBD UK”), which focuses on three main business lines: Private Banking, Wholesale Banking, and Treasury.

This document outlines the Group’s tax strategy in relation to the business activities of Emirates NBD in the UK, in accordance with the requirements of Paragraph 16(2) Schedule 19 Finance Act 2016 which applies from 1 January 2017.

Our UK tax affairs are conducted in accordance with the following principles:

  • Complying with all applicable laws and regulations relating to its tax activities, including disclosure obligations;
  • Meeting all legal requirements and compliance obligations, including filing all appropriate tax returns and making all applicable tax payments on a timely basis;
  • Dealing with tax authorities in an open, honest and transparent manner;
  • Undertaking a low appetite for tax risk where tax consequences arise only in the context of wider business activities having a commercial economic basis;
  • Maintaining internal accounting systems and controls that are sufficiently robust to support our tax compliance obligations.

 

Approach to Risk Management and Governance

Emirates NBD London Branch is committed to promoting good corporate governance and considers it to be a critical part of our goal of creating long-term value for all stakeholders. Transparency and accountability are central to Emirates NBD London Branch's business.

As a regulated business, we are committed to operating in a prudent and responsible manner, with a strong control environment. We are regulated by the Prudential Regulation Authority (‘PRA’) and the Financial Conduct Authority (‘FCA’). As part of the Senior Managers and Certification Regime required by the PRA and FCA, we have a specific Finance Senior Manager who is responsible for oversight of the Finance activities.

We have internal tax risk management procedures and practices in place to ensure that we fulfil our tax obligations. Responsibility for managing the UK tax matters fall within the direct responsibility of the UK Finance Team and the UK Senior Finance Manager, who ultimately report to the General Manager in the UK and ultimately to the Board via control and support functions located at our Head Office in Dubai.

Emirates NBD London Branch engages external tax professionals to assist with its ongoing UK compliance requirements, including corporation tax, VAT and employment taxes. External professional advice is also sought when considering the impact of new tax legislative developments.

More details on Emirates NBD’s corporate governance can be found on our website.

Attitude to Tax Planning

All of Emirates NBD London Branch’s activities are commercially and business driven and targeted tax planning is not a consideration of our overall business planning. The key components of our attitude to tax planning are:

  • We are committed to paying the correct amount of tax in relation to all of our business activities;
  • We do not structure our transactions, or those of our clients, where the main purpose is to gain a tax advantage or to divert profits from higher tax rate jurisdictions;
  • All related party transactions are undertaken in accordance with OECD principles and UK tax legislation;
  • Our prime performance indicators for income generating employees are assessed on the operating profit or pre-tax positions only;
  • Where any complex or unclear tax positions arise, we seek the advice of external tax specialists to support our decision making.
Overall, Emirates NBD London Branch’s approach to tax on our business activities is to ensure that we comply with both the letter and spirit of the legislation.

 

Risk Appetite

Emirates NBD London Branch’s approach to risk across the wider business is reflected in our low tax risk appetite and is fully supported by our internal governance structure:

  • We are committed to complying fully with the spirit and letter of all relevant laws and disclosure obligations in the UK;
  • We operate in accordance with the UK Code of Practice on Taxation for Banks (‘Banking Code’);
  • We pay all taxes due and do not enter into non-commercial transactions which give an artificial tax result.

 

Approach to Dealing with HMRC

In line with the requirements of the Banking Code, Emirates NBD London Branch maintains an open and transparent relationship with HMRC on UK tax matters:

  • We engage proactively and co-operatively with HMRC to discuss our tax matters;
  • For tax items that are sufficiently material and where we view as having more than one interpretation, we look to enter into dialogue with HMRC at the earliest opportunity;
  • We raise concerns with HMRC and / or obtain pre-authorisations with the ultimate goal being to resolve any disputes in a professional manner before our tax returns are filed.

 

Segments

  • Private Banking
  • Corporate Banking
  • Treasury

Customer Care

  • Contact Us
  • How to Complain

About Emirates NBD London

  • About Us
  • About Emirates NBD
  • Group Announcements

Policies

  • Emirates NBD Privacy Statement
  • Cookie Policy
  • UK Tax Strategy
  • MiFID II Top 5 Venue Reporting Table

Emirates NBD London Branch is registered in England and Wales under BR014405 and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The information and materials on this site, including any information on products and services, are general information and are subject to change without notice. Please refer to our Terms of Use for further information regarding our use of cookies, the use of this site and the information it contains.

Choose your website
Copyright © 2021 Emirates NBD Bank PJSC. All Rights Reserved 2P
Close

Do you wish to leave Emirates NBD, London’s website?

YES NO

 

If you select YES, you may be redirected to other Emirates NBD Group webpages or third-party websites where Emirates NBD, London has no control over the content.

WARNING

You may gain access to details of products, services or information which may or may not be suitable for you.

 

Do you wish to leave Emirates NBD, London’s website?

YES NO

 

If you select YES, you may be redirected to other Emirates NBD Group webpages or third-party websites where Emirates NBD, London has no control over the content.

WARNING

You may gain access to details of products, services or information which may or may not be suitable for you.

 

Do you wish to leave Emirates NBD, London’s website?

YES NO

 

If you select YES, you may be redirected to other Emirates NBD Group webpages or third-party websites where Emirates NBD, London has no control over the content.

WARNING

You may gain access to details of products, services or information which may or may not be suitable for you.

 

Do you wish to leave Emirates NBD, London’s website?

YES NO

 

If you select YES, you may be redirected to other Emirates NBD Group webpages or third-party websites where Emirates NBD, London has no control over the content.

WARNING

You may gain access to details of products, services or information which may or may not be suitable for you.

 

Do you wish to leave Emirates NBD, London’s website?

YES NO

 

If you select YES, you may be redirected to other Emirates NBD Group webpages or third-party websites where Emirates NBD, London has no control over the content.

WARNING

You may gain access to details of products, services or information which may or may not be suitable for you.

 

Do you wish to leave Emirates NBD, London’s website?

YES NO

 

If you select YES, you may be redirected to other Emirates NBD Group webpages or third-party websites where Emirates NBD, London has no control over the content.

WARNING

You may gain access to details of products, services or information which may or may not be suitable for you.

 

Do you wish to leave Emirates NBD, London’s website?

YES NO

 

If you select YES, you may be redirected to other Emirates NBD Group webpages or third-party websites where Emirates NBD, London has no control over the content.

WARNING

You may gain access to details of products, services or information which may or may not be suitable for you.

 

Do you wish to leave Emirates NBD, London’s website?

YES NO

 

If you select YES, you may be redirected to other Emirates NBD Group webpages or third-party websites where Emirates NBD, London has no control over the content.

WARNING

You may gain access to details of products, services or information which may or may not be suitable for you.

 

Do you wish to leave Emirates NBD, London’s website?

YES NO

 

If you select YES, you may be redirected to other Emirates NBD Group webpages or third-party websites where Emirates NBD, London has no control over the content.

WARNING

You may gain access to details of products, services or information which may or may not be suitable for you.

 

Do you wish to leave Emirates NBD, London’s website?

YES NO

 

If you select YES, you may be redirected to other Emirates NBD Group webpages or third-party websites where Emirates NBD, London has no control over the content.

WARNING

You may gain access to details of products, services or information which may or may not be suitable for you.

 

Close    

Coronavirus (COVID-19) Update – January 2021

Emirates NBD Bank (P.J.S.C.) London Branch are committed to supporting our clients, who may be affected by COVID-19 and we have robust measures in place to minimise disruption to our services. Some of our clients may need immediate and/or additional support due to the impact that COVID-19 is having on them or their businesses.

Mortgage Holidays

We continue to offer mortgage payment holidays to mitigate any financial distress caused by COVID-19. There shall be no fees* incurred for any payment holiday taken.

Clients may request a payment holiday of up to 6 months in total, but we can only agree a payment holiday of up to 3 months at a time. We can then agree to renew a payment holiday after the first 3 months, as long as this doesn’t take the client over the 6-month limit.

Client’s requiring a payment holiday will need to apply by 31st March 2021 and all payment holidays must end by 31st July 2021.

If you are newly affected by COVID-19, and you wish to benefit from the full 6 months available, you should apply in good time before your February 2021 mortgage payment is due. Your payment holiday will then run between February and July.

If you’ve already taken payment holidays of less than 6 months, you have until 31st March 2021 to apply for another payment holiday.

After 31st March 2021, you can extend an existing payment holiday up until 31st July 2021, as long as:

It doesn’t go over the 6-month payment holiday limit.

There are no breaks in the support.

You won’t be eligible to apply if you’ve already had payment holidays of 6 months overall. Instead you can ask us for tailored support.

Should you be interested in taking a mortgage payment holiday, please contact your Relationship Manager as soon as possible, who can provide you with information to understand the implications of a payment holiday, including the consequences (if any) for the total amount payable under the mortgage contract, the term of the mortgage contract and the amount of contractual quarterly instalments.

*It is important that you realise:

When your payment holiday ends, you’ll still have to pay back what you owe.

Interest will continue to build, so your payments may increase after your payment holiday.

If you take a payment holiday, you will likely end up paying more in the long term.

ATM Debit Card Fees

We will refund the ATM debit card fee if you inform us you have used this in London to withdraw emergency cash due to COVID-19.