Treasury written question – answered on 1st February 2023.

Alert me about debates like this

Photo of Dan Carden Dan Carden Labour, Liverpool, Walton

To ask the Chancellor of the Exchequer, what discussions he has had with the (a) Secretary of State for Business, Energy and Industrial Strategy and (b) Secretary of State for International Trade since their return from the World Economic Forum in Davos on the potential merits of stronger tax legislation on (i) billionaires and (ii) large corporations.

Photo of Victoria Atkins Victoria Atkins The Financial Secretary to the Treasury

The Government is committed to ensuring everyone contributes their fair share of tax in the UK. That includes the most profitable companies and the wealthiest individuals.

The income tax system is highly progressive. The top 5 per cent are projected to pay half of all income tax in 2022-2023. The top 1 per cent are projected to pay over 28 per cent of all income tax in 2022-2023.

Equally, in financial year 2020-2021, 52 per cent of total Corporation Tax (CT) receipts (or £26.8 billion) were contributed by approximately 4,100 companies, which represents only 0.3 per cent of all companies who had an amount of CT to pay.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.