UK’s largest companies generated over £90bn in taxes for second consecutive year, PwC study shows

• The overall total tax contribution for the 100 Group totalled £93bn in 2024/25 despite profits falling by over 12% 

• In a year of reduced 100 Group profitability, contributions have remained resilient with the average total tax rate remaining high at 45.6% 

The UK’s biggest companies generated an estimated £93bn in tax during the 2024/25 financial year, according to PwC’s 21st annual report on the Total Tax Contribution (TTC) of the 100 Group (1). The overall TTC of the 100 Group decreased by 0.4% compared to 2023/24, mainly due to profits declining by over 12%, while taxes borne decreased by 2.8%. 

For the year ended 31 March 2025, the companies contributed £31bn in taxes borne - those that are a direct cost to the company, including Corporation Tax - and a further £62bn in taxes collected, such as income tax and employee national insurance contributions (NICs) deducted under PAYE.

The 100 Group employed approximately 1.9 million people in 2024/25, or 5.6% of the total UK workforce, paying an average wage of £46,112 (national average wage is £39,039) and contributing employment taxes of £15,326 per employee on average.

Breakdown of taxes paid 

The largest tax borne by the companies was Corporation Tax at 31.2% of total taxes borne, representing 10.7% of total UK government Corporation Tax receipts. For every £1 of the Corporation Tax, the 100 Group companies paid another £2.20 in other taxes borne, and £6.47 in taxes collected. Employer NICs is the second largest tax borne at 27.0% of total taxes borne, followed by Business Rates (15.6%) and irrecoverable VAT (12.6%).  

Employment taxes at 31.0% are the largest share of taxes collected (income tax deducted under PAYE: 26.1% and Employee NIC: 4.9%) followed by fuel duties at 22.8%.  

Taxes borne decreased by 2.8% in 2024/25, while taxes collected increased by 0.8%. The TTC in 2025 is £0.3bn lower than in 2024 and represents 9.5% of total expected UK government receipts for 2024/25. The decrease in taxes borne was driven by Corporation Tax and Energy Profits Levy as profits decreased, particularly for energy companies and utilities. 

Capital investment and R&D

Alongside tax contributions, business investment provides significant indirect impacts to the wider economy.  

The report highlights that total capital investment increased 14.3% year-on-year reaching £33.3bn in 2024/25. This represents 10.8% of UK expenditure on business investment. Meanwhile, R&D expenditure totalled £11.4bn, an increase of 2.8%.

Dominic Mathon, Co-Chair of the 100 Group Tax Committee, says:

“As global tax reforms take effect, a clear, stable and internationally competitive tax environment is critical to attracting investment. The 100 Group’s resilient contribution this year reflects the vital role played by the UK’s largest companies. Policy choices should seek to strengthen the UK’s position as a destination for high-value, mobile capital.”

Andy Wiggins, tax partner at PwC, says:

“This report shows that despite profitability declining, the largest companies are making a sustained and a significant contribution to the public purse not just through Corporation Tax but through 31 different taxes.” 

Ends.

Notes to Editors:  
 
1) The report has been compiled from data provided by 88 of the largest companies in the UK and has been extrapolated to estimate the overall contribution of the 100 Group as a whole.

Figure 1 - Total Tax Contribution of the 100 Group, 2024/25

 
Figure 2 - Trend in Total Tax Contribution, 2024 - 2025

Source: PwC analysis.

Figure 3 – Taxes borne by percentage, 2024/25

Source: PwC analysis.  

About the 100 Group 

The 100 Group of Finance Directors represents the views of the finance directors of FTSE 100 and several large UK private companies. Its aim is to contribute positively to the development of UK and international policy and practice on matters that affect businesses. 100 Group member companies represent around 90% of the market capitalisation of the FTSE 100.  They employ around 6% of the UK workforce and, in 2025, paid or generated taxes equivalent to 9.5% of total UK Government receipts. 

About PwC

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