Tax Conduct Statement
As a socially responsible bank, Unity Trust Bank seeks to be transparent in all that we do – and matters of taxation are no different.
The results for the year, before taxation, amounted to a profit of 11.1m (2020: £7.5m). The Directors recommend a final dividend for 2021 of 3.85p per share to be paid in 2022 (2020: 3.3p per share).
The Bank participates in the Community Investment Tax Relief (CITR) scheme which encourages investment in disadvantaged communities by giving tax relief to companies who invest in Community Development Finance Institutions (CDFIs). Deductions from Corporation Tax totalling 632k (2020: 559k) were made regarding the CITR scheme. Expenditure on research and development (R&D) activities is recognised as an expense in the period in which it is incurred apart from capital expenditure which is spread across the life of the development. R&D relief is claimed for qualifying expenditure, relating to technology investment.
The following table shows a breakdown of the Bank’s tax contributions:
|Total taxes paid
|Employment taxes collected
|Employee PAYE and NIC
|Total tax contributions
Our trading address is Four Brindleyplace, Birmingham, B1 2JB.
Registered in England and Wales no. 1713124