Belfast Telegraph

Tax take from UK's top firms rises

By Holly Williams

The UK's biggest businesses have paid more in annual UK taxes for the first time since 2007, despite a 25% slump in corporation tax take.

Figures from PwC reveal the total tax contribution from the so-called 100 Group of companies rose to £77.6bn in the year to last March, up from £77.1bn the year before.

Corporation tax was not the largest duty paid by the firms for the first time, after the amount dropped from £8bn to £6bn, according to PwC's annual Total Tax & Economic Impact Survey.

It has now been overtaken by National Insurance contributions as the biggest tax expense, at 27.5%, as firms employed 1.3% more staff and increased wages.

For every £1 of corporation tax paid, the UK's big firms now pay £2.86 in other taxes, PwC said.

Belfast Telegraph