Total Tax Contribution 2019: UK’s largest companies continue to invest in the economy
The findings of the 2019 Total Tax Contribution survey highlight the significant tax and wider economic contribution made by the UK’s largest listed companies, known as the 100 Group, for 2018-19.
Now in its 15th year, this year’s results show that 100 Group companies continue to make a sustained and significant tax contribution to the UK economy by generating £84.7bn in tax and accounting for nearly 12% of all total government tax receipts.
Total taxes borne, such as corporation tax and business rates, which come at a direct cost to a company, stood at £26.0bn for the financial year. A further £58.7bn in tax was collected by the companies, which collectively employ two million people in the UK - that’s 6.1% of the total UK workforce.
While the total tax contribution of the 100 Group has been relatively stable since recovering from the economic crisis, this survey shines a light on how the profile of taxes borne has changed since it was first carried out in 2005/06 when corporation tax accounted for one half of the total. This increased to 56% in 2007 but today accounts for less than one quarter. Other business taxes now account for nearly 76% of total taxes borne compared to 50% in the first year of the study. To download the 2019 Total Tax Contribution report and see a full analysis of this year’s results, go to: www.pwc.co.uk/totaltaxcontribution
