Tax

UK’s largest companies generated £85bn in tax, report finds

The UK’s largest companies generated around £85bn in taxes for the government last year, according to a new report seen by Sky News.

The Total Tax Contribution (TTC) report, which is due to be published later this week, is compiled on behalf of the 100 Group of finance directors of Britain’s largest publicly quoted businesses and includes Barclays, BT Group, National Grid and Tesco.

It found that the amount of tax generated by the companies rose from £84.1bn in 2017-18 to £84.7bn in the 2018-19 financial year. However according to reports there has been a fall in the volume of taxes from business rates and corporation tax actually paid by the companies themselves from £27.2bn to £26bn.

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In addition, one source cited by Sky said that the latest TTC survey would underline the fact that 100 Group firms generated almost 12% of total UK government tax receipts in 2018-19.

The new figures come after it was reported tax take in the UK is at its “highest sustained level” since the 1940s, according to a recent report published by the IFS.

The report revealed that tax revenue rose to £627.9bn in 2018-19, accounting for 34.4% of national income. This revenue is expected to see further growth in the next financial year, with a forecast of £757bn in 2019-2020, equivalent to £14,000 per adult.

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