TaxCorporate TaxCompany tax receipts plummet by £576m

Company tax receipts plummet by £576m

Office of National Statistics study calculates that government's August income from corporate tax drops to £704m compared with £1.28bn in the same month last year

The financial turmoil that has wreaked havoc in the capital markets has
battered the government’s corporation tax income.

Office for National Statistics
data showed that August corporation tax receipts dropped to £704m compared to
£1.28bn in the corresponding period in 2006.

The ONS study also predicted challenging times ahead for the country’s public
finances, as tax revenues are expected to decline in response to a less buoyant
economy in the near future.

Further reading:

Credit
crunch: assessing the damage

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