TaxCorporate TaxONS data reveals drop in corporate tax receipts

ONS data reveals drop in corporate tax receipts

Tax receipts fall highlights growing impact of economic downturn

Corporate tax receipts have fallen, according to Q3 data provided by the
Office for National Statistics.

Total tax receipts were 11% lower in January 2009 compared with the same
month just a year ago, with advisers suggesting that the figures show the impact
increased government spending has had on total tax receipts.

Corporate tax receipts were £8bn in January 2009, £2.3bn less than were taken
a year earlier.

Bill Dodwell, tax partner at Deloitte, said the data reflects corporate tax
receipts have dropped in ‘a big way’, particularly as the first two quarters
were on target.

Dodwell attributes the decline in revenue fom corporate tax to the drop in
world oil prices.

In addition, household tax received has declined by 7.7% on the same period
last year, which has been attributed to the stark rise in unemployment, the
report stated.

Further reading:

It’s
official: UK economy in recession

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