Windfall for HMRC

Collections from UK corporation tax have risen by 9.05% in the past 12 months – despite a decrease of 1% in the headline rate of corporation tax to 19% from 1 April 2017. This is an increase of £4 577m.

Blick Rothenberg partner Simon Wagman said: ‘Despite the fact that headline corporation tax rates have decreased over recent years the tax collected from corporation tax has continued to increase by some 25% over three years.’

He added: ‘As is often reported a decrease in absolute tax rates results in an increase in absolute tax take and this may be evidence of this however the increase in number of effective taxpayers impact of increasing economic uncertainty around Brexit fluctuating exchange rates and a whole host of other conflicting economic data does make a fuller interpretation of the numbers less certain. Despite this significant increase in...