The eleventh edition of our Total Tax Contribution of UK Financial Services report analyses the taxes generated by the financial services sector in the year to March 2018. The industry’s contribution to the Exchequer increased this year to £75bn, the highest it has been since the survey began eleven years ago, and in increase of 4% on last year’s total of £72.1bn. This equates to 10.9% of the UK Government’s total tax receipts from all sources, highlighting the importance of the sector as an asset to the UK’s economy.
The financial services sector has been a significant contributor to the UK’s tax revenues and has consistently contributed between 10% and 14% of the UK Government’s total tax take. Employment in financial services has remained at a stable 1.1 million, this accounts for 3.4% of the UK’s workforce.
This report evidences the importance of ensuring that the UK remains competitive for financial services post-Brexit, to safeguard the sector’s employment and tax base.
The total tax contribution of UK financial services eleventh edition
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