UK businesses paid approximately \u00a3186 billion in tax during the 2017\/18 financial year, a new report from the Confederation of British Industry (CBI) has revealed.<\/p>\n
Upon analysing figures compiled by the Office for National Statistics (ONS), the CBI has said that British businesses accounted for more than a quarter (27 per cent) of all tax revenue in the last financial year.<\/p>\n
The group\u2019s analysis suggests that employers\u2019 NICs (National Insurance Contributions) made up the bulk of business\u2019 tax contributions, at 32 per cent, accounting for \u00a360.3 billion.<\/p>\n
This was followed closely by corporation tax revenues, which made up 31 per cent, or \u00a357.2 billion, and business rates, which made up 15 per cent, or 27.4 billion.<\/p>\n
The remainder of the \u00a3186 billion total was made up of \u2018other business taxes\u2019 (15 per cent, or \u00a328.9 billion) and fuel duties (six per cent, or \u00a312.1 billion).<\/p>\n
Annie Gascoyne, Head of Economic Policy at the CBI, said that the new data should be taken as indicative of \u201cthe symbiotic relationship between tax revenue and growth.\u201d<\/p>\n
She said: \u201cThe CBI\u2019s analysis shows Britain\u2019s firms are continuing to make a strong tax contribution, despite relatively subdued economic growth in 2017\/18.<\/p>\n
\u201cCorporation tax revenues continue to go from strength to strength, highlighting the importance of maintaining a competitive and stable tax environment.<\/p>\n
\u201cThe UK\u2019s future tax system must continue to keep pace with the way our businesses operate in a digital and globalised world,\u201d she said.<\/p>\n","protected":false},"excerpt":{"rendered":"
UK businesses paid approximately \u00a3186 billion in tax during the 2017\/18 financial year, a new report from the Confederation of British Industry (CBI) has revealed.<\/p>\n","protected":false},"author":2,"featured_media":2429,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,7,27],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2427"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=2427"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2427\/revisions"}],"predecessor-version":[{"id":2428,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/2427\/revisions\/2428"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/2429"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=2427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=2427"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=2427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}