RESEARCH REPORT
PUBLISHED DECEMBER 2013
Total Tax Contribution of UK Financial Services Sixth Edition The sixth edition of the Total Tax Contribution of
The report examines both the taxes levied
UK Financial Services examines the size of the
directly on companies, including corporation tax,
contribution made by the financial services industry
employment taxes, VAT and the bank levy, and the
to tax revenues in the UK over the tax year to March
taxes that companies administer such as employee
2013. The latest in an established series, the report
income tax and national insurance, to give a
highlights how the profile, amount and proportion of
complete picture of the contribution of the industry
the financial services tax take has changed during
to the UK Exchequer.
the years since 2007, and highlights the effect of the economic climate and changes in the tax system over the period since the annual study began.
Key findings overleaf >> Full report available online www.cityoflondon.gov.uk/researchpublications
of total UK corp or a
£6.5bn Corporation Tax paid by the financial services sector
P
1
4% 6.
ceipts ax re nt tio d ai
in
in UK the
11.7% of total UK government tax receipts
ar to 31 March the ye 201 3
3.2% higher than in 2012
£65bn For
£26,674 average employment tax paid r
ea
c
h
em
the p loy e e over
y
City of London Economic Development PO Box 270, Guildhall, London, EC2P 2EJ www.cityoflondon.gov.uk/researchpublications Twitter.com/@CoLresearch
% of the UK 3.8 wo r
1.1m people employed in the financial services sector
Report prepared for the City of London by PwC
ce or kf
Total Taxes from Financial Services
ea
RESEARCH REPORT
Total Tax Contribution of UK Financial Services Sixth Edition KEY FINDINGS