![]() It will be of particular interest to those who want to know the PAYE and corporate tax contribution of the banking sector, including its employees. This publication is likely to be of interest to policy makers in government, academics, research organisations, the media and the UK banking and financial sectors. 3.2 Who might be interested in these statistics? The reasons for this are discussed in definitions and background information, which also includes estimates of receipts from these taxes from the banking sector. Not all tax receipts from the banking sector are included in these statistics, in particular irrecoverable VAT and Insurance Premium Tax ( IPT). ![]() This publication provides outturn statistics for PAYE and CT receipts from the banking sector in the UK, alongside receipts from the Bank Payroll Tax, Bank Levy and Bank Surcharge. Introduction 3.1 What does this publication tell me? PAYE data from tax year ending March 2014 onwards is based on improved data matching for banks and may not be directly comparable with earlier years. The total receipts have increased over this time period from around £21 billion to around £29 billion. As with Corporation Tax, this reduction is mostly linked to the economic effects of the COVID-19 pandemicĬhart 1: PAYE, Bank Payroll Tax, Corporation Tax, Bank Levy and Bank Surcharge Receipts from the banking sector, from the tax year ending March 2006 to the tax year ending March 2021, in £ billionsĬhart 1 shows the total receipts from the banking sector between the tax year ending March 2006 and the tax year ending March 2021, with a breakdown by PAYE, CT, Bank Levy, Bank Surcharge and Bank Payroll Tax. ![]()
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