Introduction 

​

This document has been approved by the Board of Directors (“Board”) of Norwest and sets out the Group’s policy and approach to conducting its tax affairs and dealing with tax risk. The document will be reviewed periodically, and any changes will be approved by the Board. This current strategy is effective from December 2024 and the Board considers it current at its financial year end on 31 October 2025. This will remain effective until any changes are made by the Board. 

​

Our Tax Strategy  

​

We recognise that tax policy and tax management are a significant part of running a responsible business.  

​

We commit to act responsibly in relation to our tax affairs, to fulfil our compliance and disclose obligations and to operate in accordance with all relevant international and local laws and regulations. We aim to ensure that we pay the right amount of tax in each country in which we operate. 

​

Risk management and governance 

​

Overall responsibility for our tax strategy rests with the Board. The principles of this strategy are adhered to and discussed at regular management and shareholder meetings.  

​

We are committed to be a compliant taxpayer in the countries where we operate by maintaining and monitoring robust internal processes and controls, designed to minimise the risk of errors arising which could impact the amount of tax we pay.  

​

Our finance team is fully aware of the tax strategy and ensure all deadlines are met for each submission and the Senior Accounting Officer reviews the submissions before they are sent to the relevant tax authorities.  

​

Attitude to Tax Planning 

​

We act responsibly in all of our tax matters and have a low appetite for tax risk. It is our responsibility to ensure that we are tax efficient; however, all decisions are taken after careful considerations of the issues and potential impacts. We do not pursue aggressive interpretations of tax laws.  

​

The level of risk that the Group is prepared to accept 

​

We have a low tolerance to tax risk, and we will not engage in any tax avoidance schemes. When reviewing the tax risks associated with a specific decision or action, the Group ensures that the following are considered: The legal and fiduciary duties of Directors and employees The related financial and operational risks The maintenance of the Group’s business and corporate reputation and the potential impact on our relationship with any tax authorities.  

​

Our approach to dealing with the HMRC 

​

The Group are committed to having an open and transparent relationship with HMRC. We respond to their queries in a timely and appropriate manner. 

Norwest regards the publication of this document as complying with the requirements of Finance Act 2016, Schedule 19, paragraph 16(2). 

​