Coventry Building Society has secured its first Fair Tax Mark accreditation, which recognises organisations that demonstrate they are paying the right amount of corporation tax in the right place, at the right time.
The second largest building society in the UK, Coventry was founded in 1884 and currently holds £53bn in assets. By securing the Fair Tax Mark, Coventry Building Society can now demonstrate leading edge responsible tax conduct to its 2 million members and 2,800 colleagues.
The Fair Tax Mark is an independent certification, which has gone to national brands such as Timpson, Lush, and employee-owned Richer Sounds, and FTSE listed companies including SSE and Marshalls Plc. Several co-ops and building societies have been given the mark – including the Co-op Group, Midcounties, East of England, Radstock, Chelmsford Star, Scotmid, 8th Day, Unicorn, Suma, VME, Co-operatives UK, the Co-op Party, Suma, Energy4All, Westmill Wind and Solar, Ecology Building Society and Leeds Building Society.
As part of the accreditation process, Coventry Building Society highlighted its commitment to operating within both the letter and spirit of the tax laws that apply to its operations, shunning aggressive tax avoidance.
It also excelled in the areas of transparency and remuneration disclosures, says Fair Tax Foundation.
Thomas Crane, general counsel and company secretary at Coventry, said: “This is an excellent accreditation to be awarded, particularly in a world where consumers are increasingly focusing on whether businesses are doing the right thing.
“Paying tax is a way of contributing to society, enabling essential services to be paid for. The Coventry accepts its responsibility to pay its fair share of taxes at the right place and right time, and receiving the Fair Tax Mark demonstrates this as well as our clear and transparent tax practices.”
Graham Drummond, head of communications, Fair Tax Foundation, said: “We’re thrilled that Coventry Building Society has gained the Fair Tax Mark. Serving millions of savers and borrowers across the UK, this accreditation has a huge impact and further solidifies their reputation as a trusted and transparent provider of financial products.
“The strength of our independent accreditation means Coventry Building Society can prove they do the right thing when it comes to tax. Our polling*shows that the UK public would rather shop or work for a business that can show it is paying its fair share of tax, so the Fair Tax Mark will instil pride in their thousands of employees and boost customer confidence.”