New research has revealed that the UK’s biggest firms contributed more than £80billion in tax over the course of 12 months.
The survey found that revenue collected from the 100 Group had increased by 2.2 per cent compared with the previous year’s figures.
As it stands, these businesses accounted for over 13 per cent of the Government’s total tax receipts.
Employers’ National Insurance contributions and business rates were the most significant taxes for the grouping.
Surprisingly these were followed by Corporation Tax. Even though the statutory rate has fallen significantly in recent years, and is now one of the lowest in the developed world, the removal of certain reliefs has meant that the bill is higher than some people realise.
Of the £82.3 billion which flowed into Treasury coffers, more than 40 per cent of the money was levied from the financial services sector – re-emphasising the importance of the industry to the UK economy as a whole.
Mark Boleat, the policy chairman of the City of London Corporation, said: “As one of the UK’s biggest service exporters, it’s understandable the sector also contributes a considerable amount of tax.”
The 100 Group represents the views of the finance directors of the FTSE 100, a number of large private companies and various UK operations of multi-national groups. Together the firms employ more than two million people nationwide.
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