The 2017 Total Tax Contribution survey for the 100 Group reveals the sustained contribution to the UK public finances from this group of large companies.
The contribution increased for the seventh consecutive year, reaching 82.9 billion, consisting of 25.3 billion in taxes borne and 57.6 billion in taxes collected.
This represents 12.6 percent of total government receipts - from companies that make up 6.5 percent of the UK workforce.
The report highlights the significant contribution that large businesses make to the UK economy beyond tax, supporting the wider economy through their supply chain, capital investment, research and development and the creation of high-value jobs.
The rise in Total Tax Contribution in 2017 was driven by a 6.3 percent increase in taxes borne, due to a significant increase in corporation tax, along with rising employer’s National Insurance contributions, which was partially offset by a 1.4% decrease in taxes collected.
Since 2005, the profile of taxes borne has changed. Other business taxes, such as business rates, irrecoverable VAT and employer’s National Insurance contributions, have increased significantly since the survey began.
This year, for every pound of corporation tax, there was almost three pounds paid in other business taxes. In 2005 this ratio was 1:1.
To find out more and download the full report, visit our website.