Tax collected from companies reaches all-time high

Corporation tax receipts hit a record high at £56.2bn in 2017-18. This is 11% more than in 2016-17 according to HMRC statistics.

For 2016-17 the industrial and commercial sector had corporation tax liabilities of £37bn. This is its highest figure ever and exceeds the combined liabilities of the industrial and commercial sector financial and life insurance sectors as recently as 2013-14.

By industrial sector the financial and insurance sector is by far the greatest contributor with liabilities for 2016-17 of £12.4bn. It was also the largest in 2015-16 (£7.8bn).

In 2005-06 the banking sector paid 19.9% of corporation tax receipts. This hit a low of 3.9% in 2011-12 but increased to 12.2% in 2017-18.

George Bull senior tax partner at RSM said: ‘It is tempting to conclude from this that the UK industrial and commercial sector is powering ahead in part perhaps...