Skip to main content  
 
 

 

Total tax contribution of UK financial services twelfth edition

07 January 2020

Total Tax 2019

Download: The total tax contribution of UK financial services in 2019 (1.75MB)

Download: The total tax contribution of UK financial services in 2019 - Infographic (780KB)

The twelfth edition of our annual Total Tax Contribution of UK Financial Services report, produced by PwC, analyses the taxes paid by the sector in the year to March 2019. The annual findings have become a key feature of the narrative about the value of the UK’s financial services sector to the economy.

Despite considerable business uncertainty over the last year, the tax contribution made from the UK financial sector has remained broadly steady at an estimated £75.5bn – a small increase from last years’ £75bn. Reinforcing the importance of the sector to the UK’s economy, this represents 10.5% of all government receipts for all taxes – equivalent to nearly half of Government spending on health.

Employment taxes continue to be the largest component of the tax contribution, with taxes generated by banks particularly dependent on the location of their jobs. New data looking at challenger banks for the first time also highlights the role technology can play in supporting productivity.

The total tax study, now in its twelfth year, emphasises the significant and stable contribution in taxes from the sector to support the wider economy and public services.

Published:
03 January 2020
Last Modified:
07 January 2020

Notifications