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04 December 2015

City of London: Total tax contribution of UK financial services eighth edition

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The total tax contribution of UK financial services examines the complete range of taxes paid by the industry in the year to March 2015, whilst it also gives an extensive breakdown of the change occurring over time within taxation, reflecting changing Government tax policy.

The report finds that as an industry financial services, in total, contributes £66.5 billion in taxes to the UK exchequer in 2014/15, an increase of 1.4% from the previous year. This represents 11.0% of the total UK government tax receipts from an industry that employs 1.1 million people. 

Prepared for the City of London Corporation by PWC, the report highlights the continued contribution of the financial services industry as a reliable and steady source to the UK tax system. This indicates the continued drive to re-balance the economy in line with government policy and an indication of the key role it plays in generating a significant number of jobs and activating growth through its tax contribution.

Full report

© City of London

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