Financial services tax contribution falls
Study reveals corporation tax paid by financial services has fallen by 20%
TAX RECEIPTS from financial services have dropped by up to a fifth since the banking crisis, a new study has found.
The figures reveal that corporation tax receipts from financial services stood at £53bn for the year to March 2010, down from the £68bn in 2007, the period just before the crisis gripped the City.
The figures, from a study by PwC for the City of London, are reported in the Financial Times.