HMRC figures confirm higher corporation tax receipts

UK corporation tax receipts reached a record £49.5 billion in the financial year ending on March 31, an increase of 12 percent over the previous year, according to HM Revenue & Customs.

The increase was due to higher receipts from industrial and commercial, financial, and insurance sector companies, HMRC said in “Corporation tax statistics 2017″ an analysis published on August 24 of receipts from corporation tax, the bank levy, and the bank surcharge. The bank levy accounted for £3 billion and the bank surcharge, which was introduced in 2016, raised £1.1 billion. The diverted profits tax, introduced in 2015, is excluded because it is a different head of duty, HMRC noted, but the corporation tax figures will include any additional tax arising from behavioural change in response to its introduction …

Total corporation tax liabilities for 2015/16 were estimated at £43.4 billion, HMRC said, an increase of 1.4 percent on the previous year. The number of companies with a liability was 1.37 million, up 11.2 percent. The distribution of liabilities was “highly skewed”. Read more:

My news story for Tax Analysts, August 28 (paywall)