Leeds Building Society is the fifth largest building society in the UK and has 55 branches in the UK and Gibraltar. The organisation also compares well to other finance brands in our savings accounts guide, where it scores 14 and is named as a recommended buy.
The Society has also published a new Tax Strategy, which recognises that tax pays for vital public services and details its commitment to shun tax avoidance. Over the past four years, Leeds Building Society has paid an average £22m per annum in Corporation Tax.
As part of securing the Fair Tax Mark, Leeds Building Society has provided extra details on its economic activities outside of the UK, and has committed to adding further information to its public country-by-country reporting in forthcoming annual reports.
Paul Monaghan, Chief Executive, Fair Tax Mark said: “We are delighted to announce the Fair Tax Mark certification of Leeds Building Society.
“At a time when the public is growing used to headlines about big corporates shifting profits to tax havens and minimising the contributions they make to the public purse, it’s refreshing to see a high street name proudly letting customers know that it’s proud to pay its taxes."
A first for finance on the high street
Leeds Building Society was founded over 140 years ago – and its core purpose remains the same; to help people save and have the home they want. The Society joins the Ecology Building Society and esbs (formerly Earl Shilton Building Society) as financial institutions which have the Fair Tax Mark but it is the first financial institution with a national high-street presence to gain the certification.
Richard Fearon, Deputy Chief Executive Officer at Leeds Building Society, said: “We’re proud to be the first national high-street financial institution to achieve the Fair Tax Mark. At Leeds Building Society we recognise the public services paid for through tax, benefit our members, colleagues and communities, and help create the strong foundations we need to thrive as a business in the long term. That’s why we’re committed to paying our fair share and reporting our tax affairs transparently to our stakeholders."
In becoming a Fair Tax Mark business, Leeds Building Society further boosts the number of Fair Tax shopping opportunities for consumers across the UK, which includes supermarkets, phone and broadband provision, coffee, travel services and pharmacies. You can find these businesses at www.fairtaxmap.com.
Paul Monaghan continues: “Paying the right amount of tax is about fairness and ensuring a level playing field for business. It can’t be right when an organisation like Leeds Building Society is paying significantly more tax than multinational businesses generating huge margins via their operations in the UK. The Fair Tax Mark is one way that consumers can easily recognise those who are doing the right thing, and show their support through using their goods and services.”