Financial Institutions: Corporation Tax

Treasury written question – answered on 9th February 2021.

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Photo of Gareth Thomas Gareth Thomas Shadow Minister (International Trade)

To ask the Chancellor of the Exchequer, what estimate he has made of the amount of corporation tax paid by (a) credit unions and (b) building societies in each of the last five years; and if he will make a statement.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The estimated Corporation Tax (CT) liabilities from building societies are shown in the table below:

Financial Year

CT Liabilities (£ million)

2014 to 2015

110

2015 to 2016

180

2016 to 2017

360

2017 to 2018

370

2018 to 2019 (latest available year)

300

A similar breakdown of CT liabilities from credit unions is not available, as they are not separately identifiable in the data.

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