Water company breaks record for its tax conduct

A water utility company based in Exeter is the only water-based business to receive Fair Tax accreditation seven years in a row.

Pennon Group on Rydon Lane, Exeter, is one of the largest employers in the South West, owning South West Water, Bristol Water, and Bournemouth Water.

It has been awarded the Fair Tax Mark for the seventh year in a row, making it the longest water-based business to hold this accreditation.

The Fair Tax Mark accreditation scheme is the gold standard of responsible tax conduct.

It seeks to encourage and recognise organisations that pay the right amount of corporation tax at the right time and in the right place.

This year, Pennon received its highest score to date, reflecting its commitment to paying the correct amount of tax.

The group became the first UK water industry business to receive the Fair Tax Mark in 2018 and has successfully retained it every year since.

Susan Davy, CEO of Pennon, said: “To be the only water company in the sector to hold this important accreditation for 7 years shows how seriously we take our societal role in business, and I hope this will inspire others to do the same. We believe in doing the right thing every time, and this is a great example of being open and transparent in everything we do."

Jaime Boswell, Head of Accreditation at the Fair Tax Foundation, said: “Pennon's ongoing commitment to openness and honesty when it comes to tax is commendable. The firm's tax strategy includes a solid commitment to shun artificial and abusive tax arrangements and follow both the letter and spirit of tax law. This, coupled with clear and transparent reporting, means stakeholders can gain a comprehensive understanding of Pennon's tax arrangements. The public wants to see more businesses doing as Pennon has and taking a responsible approach to tax.”