RESPONSIBLE BUSINESS

Our tax responsibilities

  • Leanne Lancaster
  • 29 July 2022
  • 5 mins reading time

At Schroders Personal Wealth (SPW), we understand that tax is one of the ways we can contribute to our society. We are committed to adopting sustainable tax principles that are aligned with our position as a responsible member of the Good Business Charter.

We were delighted to announce that SPW has been granted the Fair Tax Mark (“FTM”) accreditation by the Fair Tax Foundation in early 2022.

What is the Fair Tax Mark?

SPW is an FTM accredited business. It is important to us that our fair tax credentials and commitment to fair tax practices are recognised and independently verified.

The FTM accreditation is the gold standard for responsible tax practices. It is a highly regarded, robust, independent scheme that seeks to encourage and recognise businesses that pay the right amount of corporation tax at the right time and in the right place, willingly, fairly and transparently, and according to both the letter and the spirit of the law.

For more information please visit www.fairtaxmark.net.

Our approach

At SPW, our approach to tax is clear. We are committed to adopting sustainable tax principles and we recognise our responsibility to act with integrity, pay fair taxes and contribute to public finances. We look to achieve this by:

Fairness: Paying fair taxes, i.e. the right amount of tax in the right place.

Integrity: Maintaining our tax integrity by engaging in fair tax practices.

Compliance: Ensuring compliance with local laws and regulations.

Transparency: Maintaining open and transparent relationships with tax authorities and stakeholders.

As a client focused business, our tax risk appetite is low, and we maintain a strong control environment designed to minimise tax risks for ourselves and our stakeholders.

Our tax contribution

SPW is a UK business with over 730 colleagues based at our operational hubs in Leeds and London, in nine regional offices and in homes across the UK. We do not operate overseas and we do not do business in tax havens.

We measure our tax contribution to UK public finances by considering both the taxes we bear as a business and the taxes we collect on behalf of HMRC and HM Treasury.

In 2021 our total tax contribution to public finances was £41.0 million.

Made up of total taxes borne of £13.7 million and total taxes collected of £27.3 million. We are pleased to be able to share a breakdown of this contribution with you here.

Jaime Boswell, Head of Accreditation, Fair Tax Foundation, said:

“We are delighted that Schroders Personal Wealth has secured Fair Tax Mark accreditation. It’s great to see their commitment to responsible tax conduct sit proudly alongside their recent Good Business Charter and Living Wage certifications. They have developed an exemplar responsible tax policy, that shuns both tax avoidance and the artificial use of tax havens. Moreover, their commitments extend to managed funds, interactions with clients and work with third party advisors. This systematic approach to being a sustainable business is to be applauded.”

For more information, you can download our Responsible Business Report here. This details activities and developments that have already been achieved, as well as those planned, as we move further forward on our path of conducting business responsibly.

Important information

Any views expressed are our in-house views as at the time of publishing.

This content may not be used, copied, quoted, circulated or otherwise disclosed (in whole or in part) without our prior written consent.

Fees and charges apply at Schroders Personal Wealth.

In preparing this article we may have used third party sources which we believe to be true and accurate as at the date of writing. However, we can give no assurances or warranty regarding the accuracy, currency or applicability of any of the content in relation to specific situations and particular circumstances.

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