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Britain's financial services sector makes highest recorded tax contribution: report

Xinhua, December 7, 2016 Adjust font size:

New figures published by City of London Corporation Tuesday shows the total tax contribution from Britain's financial services sector reached 71.4 billion pounds (90.54 billion U.S. dollars) in the year to March 31, 2016.

This was a 7.4 percent increase from the previous year's figures and the highest in the nine years that the report has been produced.

The contribution, which is the last set of financial services tax data to be published before Brexit negotiations commence, is 11.5 percent of total British government tax receipts.

The report, which was produced by PwC, shows banks and insurance firms were the highest overall tax-paying sub-sectors, due to reforms in corporation tax and the bank levy.

The analysis shows financial firms paid 8.4 billion pounds in corporation tax, up 10.5 percent from 7.6 billion pounds on the year before, while the bank levy saw foreign and Britain-based banks contribute 3.4 billion pounds in the last financial year -- an increase of more than 25 percent.

Data from the report shows that the equivalent of almost a quarter (23.3 percent) of financial services' turnover in the last financial year went straight to the public coffers. (1 British pound=1.26 U.S. dollar) Enditem