Financial Services: Taxation

(asked on 7th December 2016) - View Source

Question to the HM Treasury:

To ask Her Majesty’s Government what assessment they have made of the extent to which tax receipts are reliant on the financial services sector.


Answered by
Lord Young of Cookham Portrait
Lord Young of Cookham
This question was answered on 21st December 2016

The UK is a global hub for financial services and it is therefore an important sector for the UK in terms of investment, employment and tax revenues. This is illustrated by the fact that the banking sector alone contributed £24.4 billion in PAYE and corporate taxes in 2015-16. A recent report published by the City of London Corporation estimated the total tax contribution of the financial sector at £71.4 billion.

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