Since 2010 the Government has cut the main rate of corporation tax from 28% to 21%. It will fall further to 20% in April 2015. The Small Profits Rate was cut to 20% in April 2011. These corporation tax cuts will be worth around £9.5 bn per year to businesses by 2016-17.
The table below sets out the amount of Corporation Tax liable for payment by businesses with a registered address in the Barnsley East parliamentary constituency for accounting periods ending in the past five years. The latest year for which figures are available is 2012-13.
Corporation Tax liability (£m)
The increase in tax liability in 2011-12 and 2012-13 reflects an increase in the number of businesses.
This Government is backing businesses with its long term economic plan. An increase in corporation tax would endanger the recovery and cost jobs.
Figures on the amount of tax paid, broken down by company size, are not readily available and could only be provided at disproportionate cost.