The Fair Tax Foundation, which runs the gold standard in responsible tax accreditation for businesses, has launched a £450,000 community share offer.
The social enterprise plans to use the funds, raised through positive impact platform Ethex, to grow the number of businesses accredited to its pioneering Fair Tax Mark five-fold.
Across the globe, 35 per cent of multinational profits (£1 trillion) are artificially shifted to tax havens each year, robbing the public purse of funding for vital public services such as transport and healthcare. The UK suffers from a corporate tax shortfall of £12.5 billion each year because of this multinational profit-shifting.
Ten years ago, the Fair Tax Foundation saw there was another way to do business. The Fair Tax Mark is central to a movement of progressive businesses that are proud to pay their taxes and celebrate the enormous contribution this makes to public services.
Growing the business five-fold
Around 250 distinct trading businesses are Fair Tax Mark accredited, including FTSE-listed companies such as SSE and Marshalls, and household names such as Lush, the Coop and Timpson. Collectively, Fair Tax businesses employ over 275,000 people and contribute more than £1.7 billion in corporation tax annually.
The Fair Tax Foundation says it will use the new investment to add hundreds more accredited companies to the scheme, ensuring a combined
corporation tax contribution of more than £8.5 billion per year.
Fair Tax Foundation Chief Executive Paul Monaghan said: “This share offer is a rare opportunity to buy community shares in, and become a member of, the Fair Tax Foundation – with subscribers becoming shareholders in the Society alongside existing members.
“We believe the more businesses that stand up for responsible tax conduct, the more likely legislators are to create better laws, and the more likely regulators are to implement those laws robustly. Since our inception a decade ago, much has been achieved in reversing the global race to the bottom on corporation tax. But there is still so much more that needs to be achieved, both in the UK and across the globe.
“By supporting us to scale up our business, investors will help expand our influence, bolster public coffers and help steer the economy in a more enlightened direction at this critical moment in history.”
Projected returns of six per cent
The minimum investment is £200 and there is an initial six per cent projected return for investors – however, any capital invested is at risk and returns are not guaranteed.
Ethex CEO Lisa Ashford said: “We are very excited to offer our community of investors the opportunity to support this share offer. We see it as a great chance to use your money to help create a more just and equitable world where corporations pay their fair share of tax and everyone in society can reap the benefits.”
The Fair Tax Foundation was established as a not-for-profit social enterprise in 2014, and is registered with the UK’s Financial Conduct Authority as a Community Benefit Society.
Risk warning: This is considered a high-risk investment. Returns are not guaranteed and your capital is at risk.
