Leeds Building Society and Fair Tax Foundation champion Good Business Charter’s Fair Tax Friday
14th February, 2025
By Natasha Turner, Head of Communications at Fair Tax Foundation
The Fair Tax Foundation are delighted to be partnering with the Good Business Charter and Leeds Building Society this Friday 14 February to celebrate Fair Tax Friday as part of Good Business Fortnight.
This awareness-raising fortnight (3-14 February) organised by the Good Business Charter celebrates the efforts of businesses across the UK in championing responsible practices and making a positive impact on society and the environment.
Jenny Herrera, CEO of the Good Business Charter, said:
“As we mark Fair Tax Friday during Good Business Fortnight, it’s a powerful reminder of the responsibility businesses have in ensuring they contribute fairly to society.
“Good Business Fortnight has been an incredible opportunity to shine a light on the businesses across the UK that are leading the way in responsible practices. This fortnight has not just been about celebrating success—it’s been about driving real change. By highlighting the impact of ethical business actions, we hope to have inspired others to follow suit and create a more sustainable, fair and inclusive economy. We believe that by working together, we can pave the way for a future where doing good is simply good business.“
Three ways responsible tax practices are good for business
For the Fair Tax Foundation, being a responsible corporate taxpayer involves paying the right amount of tax in the right place at the right time, according to both the letter and the spirit of the law; and saying what they pay with pride. Across the globe, 36% of multinational profits ($1tn) are artificially shifted to tax havens each year, leading to a US$226bn reduction in corporate income tax revenue
But each year we see more businesses wanting and succeeding in doing the right thing when it comes to their corporate tax conduct, leading to more funding for vital public services and better outcomes for the businesses themselves.
Responsible tax practices can have a positive impact for businesses in a number of ways.
First, they can build trust with customers, clients, staff and all other stakeholders. Our polling last year found 70% of the UK public would rather work for and shop at a business that can prove they are paying their fair share of tax.
Second, they demonstrate a commitment to ethical and responsible practices more broadly, for example by supporting the UN Sustainable Development Goals and being an indicator of good governance.
Third, paying the right amount of tax in the right place at the right time benefits a business’s community and wider society.
“We recognise 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”, said Richard Fearon, CEO of Leeds Building Society, when the business was first awarded the Fair Tax Mark in 2018
Leeds leads the way
Leeds Building Society are the UK’s fifth largest building society, and as well as being Fair Tax Mark certified, are also a member of the Good Business Charter, demonstrating how the organisation’s responsible business practices extend right across the business.
The building society have an exemplary public tax strategy, with highly responsible tax commitments and a named CFO responsible for governance. Nicola Glover, Senior Strategy Manager at Leeds Building Society, said:
“At Leeds Building Society, we strive to be responsible in everything we do, whether that’s in supporting our members, communities, colleagues or the environment.
“Our ESG strategy guides our decisions in our ambition to put homeownership in reach of more people, and we are proud to have been accredited with the Good Business Charter, which recognises and champions responsible business behaviour.
“We also became the first national high street financial institution to receive the Fair Tax Mark in December 2018 and we have recently been reaccredited for the seventh consecutive year – a testament to the hard work and procedures put in place by our teams across the Society. To be recognised for continuing to do the right thing when it comes to tax transparency and paying our fair share of tax is important to us and the accreditation is recognition that we continue to champion a level playing field for businesses. Businesses must play their part in contributing to a fairer economy for all. Tax transparency is a clear reflection on how businesses conduct themselves.”
You can read more in our Fair Tax Leaders article with Leeds Building Society’s Director of Finance Operations Andrea Harrison.