SSE remains only FTSE 100 firm with Fair Tax Mark

Big six supplier SSE has been awarded the Fair Tax Mark for its transparency with corporation tax for the second year in a row, remaining the only FTSE 100 company to receive one.

The level of transparency required by a company to receive the Fair Tax mark goes well beyond UK company law requirements.

In 2014/15 SSE paid over £506 million in taxes in the UK and Ireland.

SSE’s chief executive Alistair Phillips-Davies said he was “surprised and disappointed” that other FTSE 100 companies had not strived to receive the independent accreditation.

Phillips-Davies said: “We’re delighted to have received accreditation again from the Fair Tax Mark because it palpably demonstrates that we’re paying our fair share here in the UK.

“We know there’s deep anger from the public towards companies that don’t take a responsible approach to paying taxes.”

YouGov research conducted this year for SSE found that only six per cent of the public trust a company to provide accurate information on whether they were paying the right amount of tax.

86 per cent of people believe companies should pay tax to a country based on the amount of business or profit is generated in that country.

Phillips-Davies said: “Tax should not be seen as a penalty on profit. Paying the right amount of tax, in the right country, at the right time and in the right way is how businesses contribute back to the society that enables them to be successful in the first place.”

The Fair Tax Mark’s director Richard Murphy said SSE has “highlighted the need for improved transparency in the UK” by receiving the accreditation.

Murphy said: “Recent public outrage about how some companies handle their tax affairs shows that public demand for changes in accountability on tax is undiminished. Big names like Facebook and Starbucks have had serious reputational issues and with partners like SSE we’re helping pave the way to a better understanding of the contribution big business can make to the society we all live in.”