The revelations come after official forecasts for corporation tax revenues were queried by top economists in relation to the outlook for company profits following the end of the bull market.
Speaking to the Financial Times, Martin Weale, director of the National Institute for Economic and Social Research, said the Treasury’s projections were based on a cyclical recovery in corporation tax revenues which to him seem ‘optimistic’.
In the last budget, Gordon Brown said corporation tax revenues would rise from 2.8% to 3.5% of national income by 2006-07, about £7bn.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states