Corporation profits tax accounted for a higher proportion of total tax revenue in Ireland last year than in the United Kingdom.
Corporation tax receipts in Ireland increased by 1.3% in 2010 to €3,944 million, accounting for 12.3% of Ireland’s total tax revenue of €31.91 billion last year. Corporation taxes provided 9.4% of total British tax revenue in the year to April 2011.
The British authorities collected a total of £446 billion in taxes in the year to April 2011. While total British tax receipts increased by 38.8% over the nine years ending April 2002 to April 2011, British corporation tax receipts increased by 30.4% in this nine year period
British corporation tax receipts in the year to April 2011 amounted to £41.9 billion. British corporation tax receipts increased by 17.3% from the years ending April 2010 to April 2011 compared to an average decrease of 12% in the previous two years.
British corporation tax receipts fell from £43 billion in 2008 to £35.9 billion in 2009 as company profits declined. The improvement in the most recent period maybe due to improved economic conditions leading to a recovery in corporate profits in Britain.
Today David Cameron is to address the Northern Ireland Assembly today and is expected to give the thumbs-up to the introduction of a lower rate of corporation tax rate in Northern Ireland. But the Northern Ireland authorities will have to deal with any overall shortfall in revenues that this might result in as a consequence of a reduction in the British Government block grant.
UK Tax Receipts
| Year ending April | Total Tax Receipts £ Million | Corporation Profits Tax | CPT % Total Tax |
| 2002 | £321,768 | £32,176.80 | 10.0% |
| 2003 | £324,526 | £29,207.34 | 9.0% |
| 2004 | £343,609 | £28,175.94 | 8.2% |
| 2005 | £371,045 | £33,765.10 | 9.1% |
| 2004 | £397,930 | £41,782.65 | 10.5% |
| 2007 | £423,674 | £44,485.77 | 10.5% |
| 2008 | £451,063 | £46,459.49 | 10.3% |
| 2009 | £439,103 | £43,032.09 | 9.8% |
| 2010 | £408,509 | £35,948.79 | 8.8% |
| 2011 | £446,502 | £41,971.19 | 9.4% |
| Change from 2002 to 2011 | £124,734 38.8% | £9,794.39 30.4% |
No comments:
Post a Comment