TaxCorporate TaxFinancial services ‘paid more than 12% of total tax take’

Financial services 'paid more than 12% of total tax take'

City of London report claims banking and finance sector contributed £63bn to the Exchequer last year

FINANCIAL SERVICES contributed more than 12% of the government’s total tax take in 2010/11, the City of London Corporation has claimed.

An annual study published today said that banks and financial institutions paid £63bn up from £53bn in 2009/10. The report put this down to the one-off tax on bankers’ bonus and the 50% top rate of tax.

The report concluded that it would be tough for Whitehall to rebalance the economy away from the sector.

“We’ve always been supportive of rebalancing,” Stuart Fraser, policy chairman at the City of London Corporation told the Financial Times. “But we believe the way to get there is not by shrinking the financial services industry, but by building up other industries.”

Related Articles

Q&A with the Financial Secretary to the Treasury

Corporate Tax Q&A with the Financial Secretary to the Treasury

5m Emma Smith, Managing Editor
Markets expected to respond positively to US policy changes

Corporate Tax Markets expected to respond positively to US policy changes

7m Alia Shoaib, Reporter
Government looks to close tax loophole on staff benefits

Corporate Tax Government looks to close tax loophole on staff benefits

1y AccountancyAge staff
Budget 2016: Bittersweet budget paves the way for sugar tax

Corporate Tax Budget 2016: Bittersweet budget paves the way for sugar tax

2y Chris Warmoll, Writer
Budget 2016: More HMRC staff and £71m promised to boost digital tax roll-out

Corporate Tax Budget 2016: More HMRC staff and £71m promised to boost digital tax roll-out

2y Chris Warmoll, Writer
Banks’ £135m tax avoidance scheme shutdown by authorities

Corporate Tax Banks’ £135m tax avoidance scheme shutdown by authorities

2y Fraser Simpson, Reporter
Tax breaks needed to save UK oil industry, urges trade body

Corporate Tax Tax breaks needed to save UK oil industry, urges trade body

2y Fraser Simpson, Reporter
Treasury Select Committee to lead review of UK tax system

Corporate Tax Treasury Select Committee to lead review of UK tax system

2y Calum Fuller, Reporter