RESEARCH REPORT
Total Tax Contribution of UK Financial Services Eighth Edition KEY FINDINGS Corporation tax
Tax deducted at source
9.9%
K he U in t id Pa
11.2%
Employment taxes
£66.5bn
47.3%
of pr th ax e t y in d rag Ave e stu th
e
Financial services employed 1.1m people, who paid £30bn in employment taxes, representing 11% of the government receipts of PAYE and NIC taxes.
Total taxes from Financial Services 11% of total UK tax receipts
ile f ye rom ar c to omp an 31 Ma ies in rch
VAT
3.6%
6.1% City of London Economic Development PO Box 270, Guildhall, London, EC2P 2EJ www.cityoflondon.gov.uk/researchpublications Twitter.com/@CoLresearch
6.2%
Insurance Premium
Other taxes
15.7%
Irrecoverable VAT payments have increased by 74.8% since 2007
Bank Levy Introduced in 2012, the bank levy counteracts the reduction in corporation tax rate for banks.
Report prepared for the City of London by PwC
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