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 |
|Corporation Profits Tax||CPT % Total Tax|
|Change from 2002 to 2011||£124,734 |