Fair Tax Mark

In this article we are going to explore the fascinating world of Fair Tax Mark. From its origins to its impact on today's society, Fair Tax Mark has played a crucial role in different aspects of daily life. Throughout history, Fair Tax Mark has evolved and adapted to the changing needs and demands of society, becoming a topic of great relevance today. Through this article, we will seek to understand the importance and meaning of Fair Tax Mark, as well as its influence in various areas.

The Fair Tax Mark[1][2] is an independent accreditation awarded by the Fair Tax Foundation after an assessment based on "Transparency tax rate, disclosure and avoidance"...[3] As of January 2016, it is applicable to UK businesses.[4][5] The process of assessing a company for the mark is intended to be initiated by the company that wants the mark.

The mark is awarded by the company Fair Tax Foundation Limited, a not-for-profit community benefit society, incorporated 18 February 2014, company number IP032308.[6] The Tax Justice Network assisted in raising initial funding, and it is supported by a number of other organisations[7] including the Public and Commercial Services Union.[8] Before the present company was formed, an "earlier incarnation" undertook a pilot study in June 2013.[9]

Tax policy

In their directors' report in their financial statements for the period ending 31 December 2014, Fair Tax Mark Limited committed themselves to paying taxes "in accordance with the spirit of all tax laws" and not to use options, allowances, or reliefs, or undertake specific transactions "that are contrary to the spirit of the law".[10]

Awardees

The first organisations to be accredited, in February 2014, were Midcounties Co-operative, The Phone Co-op and Unity Trust Bank.[11]

As of May 2021, 62 companies had been awarded the mark, including SSE plc,[12] the first FTSE100 company to achieve the mark.[2][13]

References

  1. ^ Scott, Craig (20 February 2014). "Fair Tax Mark to reward tax justice". London: The Guardian. Retrieved 1 October 2017.
  2. ^ a b Houlder, Vanessa (2 February 2015). "Companies debate merits of 'fair tax' kitemarkFair Tax Mark to reward tax justice". London: Financial Times. Retrieved 1 October 2017.
  3. ^ "Fair Tax Criteria". Fair Tax. Retrieved 21 January 2016.
  4. ^ "The Fair Tax Criteria". Fair Tax. Retrieved 21 January 2016.
  5. ^ "What's the Fair Tax Mark?". Fair Tax. Retrieved 23 January 2016.
  6. ^ "Company profile of: FAIR TAX MARK LIMITED". Companies House Data. Retrieved 21 May 2021.
  7. ^ "Who we are". Fair Tax. Retrieved 22 January 2016.
  8. ^ "Fair Tax Mark highlights good taxpayers". Public and Commercial Services Union. Archived from the original on 5 June 2016. Retrieved 22 January 2016.
  9. ^ "2013 pilot study". Fair Tax. Retrieved 22 January 2016.
  10. ^ "Financial Statements" (PDF). Fair Tax. Retrieved 22 January 2016.
  11. ^ "Fair Tax Mark scheme launches". economia. No. Feb 2014. ICAEW. Retrieved 10 July 2017.
  12. ^ "BREAKTHROUGH FOR FAIR TAX CAMPAIGNERS AS SSE PLC BECOMES FIRST FTSE 100 COMPANY TO BE AWARDED FAIR TAX MARK". SSE. Retrieved 22 January 2016.
  13. ^ Imman, Phillip (20 October 2014). "SSE becomes first FTSE 100 company to be awarded Fair Tax Mark". London: The Guardian. Retrieved 1 October 2017.