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first_img THE UK’s 100 largest companies accounted for 11.9 per cent of the Treasury’s total tax receipts last year, a survey by PricewaterhouseCoopers has revealed, equal to total payments of £56.8bn.Two thirds of the taxes collected were paid by just a third of the top 100 companies, with oil and gas producers, banks, insurance firms and retailers making the biggest contributions.The £56.8bn figure includes all taxes the companies handed over to the state, mostly made up of corporation tax, VAT, national insurance, business rates and income tax paid on behalf of employees. The survey shows that companies’ total tax rate on earnings, at 51.8 per cent, has remained higher than the pre-crisis norm so that for the second year running, Britain’s biggest firms saw more than half of their profits taken by the taxman. Corporation tax is still the biggest burden, despite dropping off as profits have suffered since the crisis. Over a third of the tax paid by the companies surveyed was in corporation tax: this is down from 2009 when it accounted for 44 per cent of taxes paid, but still much higher than in all other previous surveys. And despite the drop in corporation tax receipts, PwC says that the overall tax burden has increased since 2008 because “unlike corporation tax, payments of other taxes borne do not fall with declining profitability and thus become relatively more expensive”.The research also highlights that the country’s largest 100 companies paid 12.1 per cent of the Treasury’s total VAT?receipts, or £8.5bn, and employ 6.1 per cent of the UK’s workforce, for which they hand over £16.6bn in employment taxes (national insurance and employees’ income tax combined).The findings coincide with a report released today by the Oxford University Centre for Business Taxation showing that the UK’s biggest one per cent of companies pay 81 per cent of the country’s corporation tax. The research also reveals that the UK’s relatively low corporation tax is an aid to Treasury revenues: “The UK was able to collect higher revenues on average than other G7 countries despite having a significantly lower tax rate,” it says. Show Comments ▼ KCS-content £56,800,000,000: The amount of tax paid by the UK’s 100 biggest companies last year Tuesday 1 March 2011 9:20 pm whatsapp More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comcenter_img whatsapp Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definition Tags: NULLlast_img read more