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Daily Insurance Industry News
Thursday 20th of September 2018
August 22, 2011

British insurance sector pays £10.4bn in tax

by Richard Kilner

Story link: British insurance sector pays £10.4bn in tax

A new report from the Association of British Insurers (ABI) and PWC has revealed that the insurance sector pays a total of £10.4bn in tax to the UK Treasury.

This is enough to fund the entire Home Office budget, with £200m to spare.

Insurers paid £2.7bn in corporation tax, 6.4% of the total of that particular tax take and a 50% rise since 2009.

ABI Director General Otto Thoresen stated that the insurance sector’s taxes were sufficient to fund the combined budgets of the Departments for Transport, Communities and the Foreign Office, adding that the sector was crucial for the British economy.

Thoresen added that the sector was now paying more in tax than before the recession hit, and was proving remarkably resilient and helpful to the recovery.

He concluded that consistent, competitive tax rules were of vital importance to maintaining the sector’s health and warned against introducing rules that make the UK a less attractive place of business.

In March Acting Director General Maggie Craig broadly welcomed the first Coalition Budget, particularly praising the 2% cut in corporation tax.

 

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