Monument Bank Limited is a UK-based digital bank that provides banking and related services to people looking to grow and enjoy their wealth. Our subsidiary, Monument Technology Limited, licenses a digital banking platform to other financial institutions.
We are regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
This strategy applies to Monument Bank Limited and its group of companies. References in this document to “Monument Bank Limited”, “Monument Bank Group”, or “the Group” collectively refer to these entities. The Group considers this strategy to be compliant with paragraph 19 of Schedule 19 to the Finance Act 2016.
This document outlines the Group’s current tax strategy, which was formally approved by the Board on 23 December 2025. The strategy will be reviewed annually and updated as necessary.
The Monument Bank Group regards this publication as fulfilling its obligation under paragraph 16(2) of Schedule 19 to the Finance Act 2016.
This strategy applies from the date of publication until it is superseded.
We believe in doing the right thing.
We have signed up to HMRC’s Code of Practice on Taxation for Banks. When entering into commercial transactions, we take advantage of available tax incentives, reliefs and exemptions where they align with the spirit of tax legislation.
We do not undertake tax planning unrelated to genuine commercial activity. We file our tax returns and pay our taxes in line with both the spirit and the letter of the law. We do not engage in artificial tax planning to reduce our tax bill.
Our Board of Directors holds ultimate responsibility for the Group’s tax strategy and compliance. Day-to-day management of tax affairs is delegated to the Chief Financial Officer, supported by the Finance Team.
Our governance structure includes:
We have a low appetite for tax risk and aim for certainty in our tax affairs.
We operate a system of tax risk assessment and controls as part of our overall internal control framework. This follows a three lines of defence model, with clear process ownership and regular monitoring for changes in business activities or legislation.
Our Finance Team receives appropriate training on tax matters, and we seek external advice where necessary.
We engage with HMRC in a collaborative, transparent and proactive manner.
This means:
References to UK taxation in this strategy are to the taxes and duties set out in paragraph 15(1) of Schedule 19 to the Finance Act 2016: Income Tax, Corporation Tax, PAYE, National Insurance Contributions, VAT, Insurance Premium Tax and Stamp Duty Land Tax.
References to tax or taxation include UK taxation and all corresponding worldwide taxes and duties for which the Group has legal responsibilities.
