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Corporation tax receipts reached £84.7bn in 2022-23 up from £67.4bn in the previous year according to HMRC statistics. The department said this was largely driven by a strong post-pandemic recovery in the economy a sharp increase in offshore receipts and the introduction of the energy profits levy.
The financial and insurance sector (including bank levy and bank surcharge) was the largest contributor to corporation tax receipts accounting for £18.4bn or 22%.
Total capital allowances claims less balancing charges were £121bn in financial year 2021-22 an increase of 22% on the previous year. This increase was in part driven by the super-deduction which contributed more than £30bn 26% of the total.
Although the largest capital allowance category machinery and plant - main pool decreased by about £10bn this is likely to be due to the introduction of the super-deduction.
HMRC said that...
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