New CBI analysis of data published by the Office for National Statistics today (24 April) has found that businesses paid £186 billion in taxes in 2017/18. The total business tax contribution amounts to 27% of all tax revenue.
Corporation tax revenues accounted for 31% (£57.2 billion) of total tax revenue from businesses, Employer’s NIC for 32% (£60.3 billion), business rates for 15% (£27.4 billion), fuel duties for 6% (£12.1 billion) and other business taxes for 16% (£28.9 billion).
Annie Gascoyne, CBI Head of Economic Policy, said:
“The CBI’s analysis shows Britain’s firms are continuing to make a strong tax contribution, despite relatively subdued economic growth in 2017/18. Corporation tax revenues continues to go from strength to strength, highlighting the importance of maintaining a competitive and stable tax environment.
“This new data shows the symbiotic relationship between tax revenue and growth – and the importance of delivering the tax revenue needed to fund vital public services. The UK’s future tax system must continue to keep pace with the way our businesses operate in a digital and globalised world.”