Financial services firms tax bill hits eight-year high contributing one ninth of all taxes collected

Financial services firm's tax bill hits eight-year high contributing one ninth of all taxes collected

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A total of £66.5bn was paid by banks, credit card firms, insurers and other firms this year

A total of £66.5bn was paid by banks, credit card firms, insurers and other firms this year

The financial-services sector had its biggest tax bill since 2007 last year, and contributed one ninth of all taxes collected.

A total of £66.5billion was paid by banks, credit card firms, insurers and other companies, representing 11 per cent of government tax receipts for 2014/2015.

The increased tax bill, published in a PwC report for the City of London, is down to rises in corporation tax – up 40.7 per cet to £7.6billion – and the bank levy, up 22.7 per cent to £2.7billion.

The biggest portion of taxes paid, however, was in employment taxes, which totalled £30billion and remain relatively stable year on year.

The financial-services sector employs more than 1.1million people in Britain and makes up 3.4 per cent of the nation’s workforce.

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