TaxCorporate TaxUK’s largest companies up tax payout

UK's largest companies up tax payout

PwC research finds the UK's largest companies have increased the tax paid to the Treasury

THE LARGEST BRITISH companies paid out nearly £70bn in tax to the year ending 31 March 2011.

Research by PwC for the Hundred Group of Finance Directors found their tax payments climbed 14% (£8.3bn) to £67.7bn.

The top 100 companies represent 13% of the Treasury’s total tax receipts, up from 12.5%the previous year – back to pre-recession levels.

Improved profitability drove the increase, climbing 60% to £3.7bn.

Andrew Bonfield, chairman of the tax committee of the Hundred Group, said: “PwC’s research continues to highlight the significant value of Britain’s largest firms not only to the UK’ s public finances but also to the economy as a whole, especially the job market.

“The Hundred Group employs over two million people, the work is mostly skilled and the tax contribution these firms and their employees make is well above the national average. It is important that we continue to create the right environment for these companies to flourish and grow given how much they benefit the UK economy.”

Related Articles

Rio Tinto's head of tax leaves for Unilever

Corporate Tax Rio Tinto's head of tax leaves for Unilever

5y Kevin Reed, Writer
Big businesses' tax contribution stable – despite avoidance anger

Corporate Tax Big businesses' tax contribution stable – despite avoidance anger

5y Calum Fuller, Reporter
Readers would change Power List 2013

Accounting Firms Readers would change Power List 2013

5y Calum Fuller, Reporter
Financial Power List 2013: Big hitters

Accounting Firms Financial Power List 2013: Big hitters

5y Accountancy Age, Reporters
Hundred Group backs government anti-avoidance moves

Corporate Tax Hundred Group backs government anti-avoidance moves

5y Calum Fuller, Reporter
Managers learning to appreciate internal audit

Corporate Tax Managers learning to appreciate internal audit

6y Kevin Reed, Writer