Open about tax
Paying our fair share.
The Co-op’s purpose is to champion ‘a better way of doing business for you and your communities’. Our tax policy reflects this.
- we believe it is important to pay our fair share of tax in accordance with all relevant laws and regulations at the right time
- we are open and honest in all dealings with tax authorities and communicate with HMRC regularly on significant tax issues affecting our business
- we do not and will not use tax havens for tax avoidance purposes and we do not use artificial tax avoidance schemes to reduce the Co-op’s tax liabilities
- we will not take an aggressive stance in our interpretation of tax legislation but we will claim the proper statutory reliefs to which we are legally and legitimately entitled
- we are committed to clearly explaining our tax numbers in our annual report, beyond accounting standards requirements, to help all stakeholders understand our tax position.
- we are open about the global location of our subidiaries
We recognise that tax is a complex subject and sometimes help will be needed to understand the tax implications of our business decisions. The Co-op has an in-house tax team to assess such decisions on a day to day basis, with the support of appropriate tax reporting processes and systems. On occasion, external support from tax advisers may also be sought.
Responsibility for all tax reporting and adherence to the Tax Policy sits with the Tax department who report to the Chief Finance Officer, Ian Ellis, who is ultimately responsible for the tax affairs of the Co-op.
The tax policy is reviewed and approved by the Risk and Audit Committee and Group Board, on an annual basis. (Last approval date: October 2018)
Our Fair Tax Mark approved tax disclosures can be found in our annual report.