Britannia is a Hellenic Roman monarchy with the capital core located in the London area, Britain region, of the Western Europe subcontinent. It is a formable nation for Briton culture.
For most of the mod's history, this tag was not even in events, it was thought of as more an easter egg tag, as the only known way to play the country is with console commands.
However, this tag was originally exclusive to the Imperator: Rome to Extended Timeline converter, meaning you had to form Britannia in Imperator: Rome, then convert your save over.