Legal entity

Legal provisions that govern Elavon, its group, employers and general website users

Please read these terms carefully, as when you start to use the website you’re confirming that you accept these terms and agree to comply with them:

• Our Privacy policy sets out the terms on which we process any personal data we collect from you or that you provide to us
  
• Our Privacy Policy for Biometric ID Verification  sets out the terms on which we process any personal data we collect from you or that you provide to us
  
• Our Cookies policy sets out information about the cookies we use on our site
  
  

Important Legal Information
 

Elavon Financial Services Modern Slavery Act

Modern Slavery Act Statement 2023

Modern Slavery Act Statement 2022

Modern Slavery Act Statement 2021

Modern Slavery Act Statement 2020

Modern Slavery Act Statement 2019

Modern Slavery Act Statement 2018

Modern Slavery Act Statement 2017

Modern Slavery Act Statement 2016

UK Tax Strategy Statement 23 December 2024

Introduction

This Statement summarises the arrangements and approach under which the U.S. Bancorp Group (“U.S. Bank Group” or “the Group”) addresses the management of tax in our U.K. businesses. This document has been drafted to ensure that it is in accordance with the requirements of the U.K. Finance Act 2016 to have a tax strategy publicly available. We regard this statement as complying with our publication duty under para 22 Schedule 19 of the Act.

The U.S. Bank Group, based in Minneapolis, operates the 5th largest commercial bank in the United States and maintains operations in a number of countries worldwide. In the U.K., the Group maintains 3 principal business units, carrying on payment services, corporate trust services and fund administration services respectively. These business units are operated though four entities in the U.K.

The Group places a high value on carrying on all aspects of its business with high ethical standards, going beyond any legal minimum, and regards its reputation as fundamental to its success.

Approach to tax governance and risk management

The Group company carrying on the vast majority of the Group’s business activity in the U.K. is U.S Bank Europe DAC (“USBE”). USBE is an Irish headquartered bank carrying on business across Europe through a number of branches, including a U.K. branch. USBE changed its name from Elavon Financial Services DAC with effect from 1 November 2024. This change reflects our mission to operate as a unified, integrated U.S. Bank team.

USBE adopted H.M. Revenue & Customs (HMRC’s) Code of Practice on Taxation for Banks in 2013 and has complied fully with its requirements. The Code requires banks operating in the U.K. to adopt best practices in tax management and not to promote or knowingly facilitate tax avoidance by other parties, including that banks should:

• adopt adequate governance to control the types of transactions they enter into
• not undertake tax planning that aims to achieve a tax result that is contrary to the intentions of Parliament
• comply fully with all their tax obligations; and
• maintain a transparent relationship with HMRC.

As a result of the nature of the three business activities carried on in the U.K., there are a broad range of U.K. tax payment and reporting obligations. The primary obligations for the U.K. entities fall under corporation tax, PAYE/NIC and VAT legislation.

Ultimate responsibility for compliance with U.K. tax law rests with the directors of the Group companies carrying on operations in the U.K.. Day-to-day responsibility for compliance is devolved to management through the companies’ Chief Executive Officer. As a general principle, line management who exercise control over a particular activity are responsible for ensuring that all legal and regulatory obligations arising from that activity are identified and fulfilled, with support from specialist expertise where required.

The Group’s approach is to apply appropriate levels of control and governance to U.K. tax matters, consistent with the approach it adopts to other matters involving compliance with the law and efficient financial and risk management. The Group seeks to ensure that management is enabled to fulfill all U.K. tax obligations and that tax management is subject to appropriate governance by maintaining a robust tax management framework, including:

• maintenance of appropriate levels of internal tax expertise and ongoing engagement of external UK tax advisers to identify, understand and fulfill all tax obligations;
• application of the Group’s broader control framework to tax matters;
• direct reporting line of the Head of Tax to the Chief Financial Officer,  together with a secondary reporting line to the US Bank Group Director of Tax;
• ensuring that all material judgments on tax matters are taken by appropriate persons and are recorded fully to ensure consistent application.         

Attitude to tax planning and tax risk appetite

The Group seeks to comply fully with all U.K. tax law while also refraining from engaging in any contrived or artificial tax planning arrangements.

In the course of managing tax risks, the Group continually takes account of the importance of the reputation of our business with our customers (current and future), counterparties, employees, tax authorities, regulators and other stakeholders. We recognise that tax risks can arise from various factors, including changes in legislation, interpretation of tax laws and operational activities. Our objective is to maintain a low tax risk profile while ensuring compliance with all relevant tax legislation and regulations. Where any material part of U.K. tax law is identified as involving an element of uncertainty the Group’s approach is to obtain external tax advice to inform the Group’s position.

The Group has a zero tolerance for knowingly facilitating tax evasion. We actively support efforts to combat tax evasion, working with governments and international organisations, such as the OECD.

Approach to dealings with HMRC

In accordance with the Code of Practice on Taxation for Banks, the Group maintains a transparent relationship with HMRC. Across various interactions, USBE Tax Department’s approach to dealing with HMRC is to be responsive, interactive, constructive and engaging. To the extent that an occasional difference of opinion might arise, USBE Tax Department’s approach is to seek to resolve it with HMRC through constructive discussion of the relative merits of the arguments in favour of each side’s position.

When the opportunity arises, we seek to update HMRC on relevant changes in the business and discuss tax issues of current relevance to the Group. Overall, we see the maintenance of such a relationship with HMRC as an integral and important element of our approach to achieving high standards of compliance with U.K. tax law and sound management of all U.K. tax risk inherent in our businesses.   

These entities are U.S. Bank Europe DAC (UK Branch), US Bank Trustees Ltd, US Bank Nominees Ltd, US Bank Global Corporate Trust Limited, Elavon Digital Europe Limited and Elavon Digital GB Limited

Download 2024 EFS Tax Strategy

Download 2023 EFS Tax Strategy

Download 2022 EFS Tax Strategy

Download 2021 EFS Tax Strategy

Download 2020 EFS Tax Strategy

Elavon Financial Services DAC Pillar III Risk Disclosures

Click here to review our Pillar III Risk Disclosure document.
Last Update: 31 December 2023

Click here to review our Pillar III Risk Disclosure document.
Last Update: 31 December 2022

Click here to review our Pillar III Risk Disclosure document.
Last Update: 31 December 2021

Click here to review our Pillar III Risk Disclosure document.
Last Update: 31 December 2020

Click here to review our Pillar III Risk Disclosure document.
Last Update: 31 December 2019

Click here to review our Pillar III Risk Disclosure document.
Last Update: 31 December 2018

Click here to review our Pillar III Risk Disclosure document.
Last Update: 31 December 2017

Click here  to review our Pillar III Risk Disclosure document.
Last Update: 31 December 2016

Click here  to review our Pillar III Risk Disclosure document.
Last Update: 31 December 2015

Click here to review our Pillar III Risk Disclosure document.
Last Update: 31 December 2014

Click here to review our Pillar III Risk Disclosure document.
Last Update: 31 December 2013

European Union (Capital Requirements) Regulations 2014 (S.I. 158/2014)

Click here to review Country by Country Disclosure.
Last Update: 31 December 2022

Click here to review Country by Country Disclosure.
Last Update: 31 December 2021

Click here to review Country by Country Disclosure.
Last Update: 31 December 2018

Click here to review Country by Country Disclosure.
Last Update: 31 December 2017

Click here to review Country by Country Disclosure.
Last Update: 31 December 2016

Elavon Financial Services DAC UK Gender Pay Gap Report

Click here to view our 2023 UK Gender Pay Gap Report
Last update: April 2024

Click here to view our 2022 UK Gender Pay Gap Report
Last update: April 2023

Click here to view our 2021 UK Gender Pay Gap Report
Last update: April 2022

Click here to view our 2020 UK Gender Pay Gap Report
Last Update: September 2021

Click here to view our 2019 UK Gender Pay Gap Report
Last Update: April 2020

European Commission Your Rights

Click here to view Your Rights When Making Payments in Europe document

Last update: April 2023

Waste Electrical and Electronic Equipment Directive (WEEE)

Click here to read how Elavon adheres to Waste Electrical and Electronic Equipment Directive (WEEE) regulations.

Last update: September 2024