Our Tax Policy

Central England Co-operative Limited

Scope

As a Society registered under the Co-operative and Community Benefits Act 2014, Central England Co-operative is not legally required to publish a tax strategy. However, in line with our Co-operative values the Society has voluntarily published its tax policy.

This policy applies to Central England Co-operative (the Society) and its subsidiaries for the year ended January 2024. References to taxation are to the taxes and duties set out in paragraph 15(1) of Schedule 19 of the Finance Act 2016 which include Income Tax, Corporation Tax, PAYE, NIC, VAT, Insurance Premium Tax and Stamp Duty Land Tax. The Society operates solely within the United Kingdom.

Our Approach to Taxation

As a responsible business, the Society is committed to paying the right amount of tax at the right time and disclosing all relevant facts and circumstances to the taxation authorities, as well as claiming reliefs and incentives where available.  Each element of the Taxation Policy is consistent with the Society’s values and in particular, the value of openness and honesty, as a way of working.

Ultimate accountability for the Society’s Taxation Policy and compliance rests with the Board.  In managing the Society’s affairs, the Chief Financial Officer has responsibility for implementing the Taxation Policy.  The Audit & Risk Committee (‘the Committee’) receives an annual report on the management of the Society’s taxation affairs with any major issues arising in the intervening period brought to the Committee’s attention.  The Taxation Policy is reviewed and approved by the Board on a regular basis and at least annually.  The Policy set out below relates to the Financial Year 2023/24.

Policy

The Taxation Policy commits that the Society:

• takes a responsible and transparent approach to the management of its significant taxation issues;
• will not use contrived or artificial structures to reduce the Society’s taxation liabilities;
• will only engage in reasonable taxation planning that is aligned with commercial and economic activity and does not lead to an abusive result;
• where appropriate, take advantage of taxation incentives and reliefs for the purpose for which they are intended, in order to act in the best interests of the Society as a whole and whilst, at all times showing respect for the intention and letter of the law;
• maintains an open, honest and co-operative relationship with HMRC, particularly on matters of taxation uncertainty;
• ensures that HMRC is kept aware of significant transactions and changes in the business and seeks to discuss any taxation issues arising at an early stage when submitting tax computations and returns to HMRC.  Any inadvertent errors in submissions made to HMRC are fully disclosed as soon as reasonably practicable after they are identified;
• has the relevant skills and knowledge on taxation matters and access to independent professional advice when necessary;
• will report to its Members, as soon as it is practicable, the Taxation Policy in order to foster a greater understanding of the Society’s tax obligations;
• will seek to reduce the level of taxation risk arising from its operations as far as reasonably practicable by ensuring that reasonable care is applied in relation to all processes which could materially affect its compliance with its taxation obligations;
• will provide appropriate training for colleagues who have responsibility for performing activities that relate to taxation processes.

April 2024