Photograph by Ken Teegardin/Senior Living
Britain cut the corporate tax bills for some of its biggest companies by a quarter in 2013, as public concern grows about the balance between austerity spending cuts and tax breaks.
Results from the 100 Group Total Tax & Economic Impact Survey, conducted by business consultants PricewaterhouseCoopers (PwC), show that the amount of corporation tax paid by 100 Group companies declined from £8bn to £6bn as a result of lower tax rate and reduced profits, predominantly from a decline in North Sea oil production.
The overall amount of tax contributed by the 100 Group companies rose from £77.1 billion to £77.6 billion in 2013, mostly due to higher employment taxes for their 2.1 million-strong workforce, VAT and excise duties.
Looking over a longer period, while corporation tax paid by the group has fallen 40% since 2005, other taxes have risen by 70% to result in a net 11% increase.
