The discussion about tax responsibility should go beyond the rate of tax companies pay, writes David Gordon (100 Group Taxation Committee).
Each year the 100 Group which represents many of the UK’s largest companies releases a snapshot of its members’ tax and wider contribution. The 2024 Total Tax Contribution (TTC) report published by PwC offers a striking reminder of just how much large businesses contribute to public finances and the wider economy.
In 2023/24 the 100 Group’s total tax contribution reached £93.3bn equivalent to 9.9% of total UK government receipts. That includes £31.8bn in taxes borne and a further £61.5bn in taxes collected on behalf of the government. It’s a record-breaking figure that reflects not only higher profitability and new taxes affecting energy companies and utilities but also the increased headline rate of corporation tax to 25%.
The 100 Group members paid £10.9bn...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
The discussion about tax responsibility should go beyond the rate of tax companies pay, writes David Gordon (100 Group Taxation Committee).
Each year the 100 Group which represents many of the UK’s largest companies releases a snapshot of its members’ tax and wider contribution. The 2024 Total Tax Contribution (TTC) report published by PwC offers a striking reminder of just how much large businesses contribute to public finances and the wider economy.
In 2023/24 the 100 Group’s total tax contribution reached £93.3bn equivalent to 9.9% of total UK government receipts. That includes £31.8bn in taxes borne and a further £61.5bn in taxes collected on behalf of the government. It’s a record-breaking figure that reflects not only higher profitability and new taxes affecting energy companies and utilities but also the increased headline rate of corporation tax to 25%.
The 100 Group members paid £10.9bn...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
.tmb-editorspic.jpg?sfvrsn=c9a7a0cc_1)
