HMRC has published two sets of statistical data on tax for 2012/13: the first being PAYE income tax and NIC and corporate tax receipts from the banking sector, and the second being corporation tax receipts and liabilities, both viewable on HMRC’s website.
HMRC has published two sets of statistical data on tax for 2012/13: the first being PAYE income tax and NIC and corporate tax receipts from the banking sector, and the second being corporation tax receipts and liabilities, both viewable on HMRC’s website.
Corporate tax receipts from the banking sector for 2012/13 stood at £2.3bn, an increase of £1bn on the previous year, although the receipts from the second year of the banking levy remained constant at £1.6bn. Receipts from the banking sector for PAYE increased by £0.2bn to £1.8bn. While tax receipts from the banking sector for PAYE and national insurance has remained fairly constant as a percentage of total PAYE and national insurance receipts (around 6–8% of total receipts from 2005/06), onshore corporation tax receipts from the banking sector as a percentage of total onshore corporation tax receipts has fallen from a little over 20% in 2005/06 to around 6% in 2012/13.
The sector that contributed the most to receipts for corporation tax in 2012/13 was the industrial and commercial sector, which accounted for around 68% of total corporation tax receipts. Corporation tax receipts in 2012/13 (net of net of around £990m of tax credits, which were given as enhanced relief) totalled £39.5bn; a reduction of 6% from £42.2bn in 2011/12 - the change, according to HMRC, was largely due to a 48% reduction in North Sea oil receipts, down from £9.2bn in 2011/12 to £4.8bn in 2012/13.
HMRC has published two sets of statistical data on tax for 2012/13: the first being PAYE income tax and NIC and corporate tax receipts from the banking sector, and the second being corporation tax receipts and liabilities, both viewable on HMRC’s website.
HMRC has published two sets of statistical data on tax for 2012/13: the first being PAYE income tax and NIC and corporate tax receipts from the banking sector, and the second being corporation tax receipts and liabilities, both viewable on HMRC’s website.
Corporate tax receipts from the banking sector for 2012/13 stood at £2.3bn, an increase of £1bn on the previous year, although the receipts from the second year of the banking levy remained constant at £1.6bn. Receipts from the banking sector for PAYE increased by £0.2bn to £1.8bn. While tax receipts from the banking sector for PAYE and national insurance has remained fairly constant as a percentage of total PAYE and national insurance receipts (around 6–8% of total receipts from 2005/06), onshore corporation tax receipts from the banking sector as a percentage of total onshore corporation tax receipts has fallen from a little over 20% in 2005/06 to around 6% in 2012/13.
The sector that contributed the most to receipts for corporation tax in 2012/13 was the industrial and commercial sector, which accounted for around 68% of total corporation tax receipts. Corporation tax receipts in 2012/13 (net of net of around £990m of tax credits, which were given as enhanced relief) totalled £39.5bn; a reduction of 6% from £42.2bn in 2011/12 - the change, according to HMRC, was largely due to a 48% reduction in North Sea oil receipts, down from £9.2bn in 2011/12 to £4.8bn in 2012/13.
