This is up by £3bn on total business revenue in 2016/2017 but slightly down as a percentage of total revenue (27.5% in 2016/17), according to analysis by the CBI.
The largest contribution (32%) came from employer’s NIC, which provided £60.3bn. This was slightly down on the 2016/17 figure of £61.3bn. In contrast, the contribution from corporation tax (31% of the total) has increased by nearly £3bn from £54.4bn to £57.2bn.
Business rates accounted for 15% (£27.4bn) while fuel duties raised 6% (£12.1bn) and other business taxes 16% (£28.9bn).
The CBI said the figures showed that the strong tax contribution from UK businesses was holding up despite the UK’s relatively subdued economic growth in 2017/18.
CBI head of economic policy Annie Gascoyne added, “This new data shows the symbiotic relationship between tax revenue and growth – and the importance of delivering the tax revenue needed to fund vital public services.”
She called on the government to ensure that the UK’s tax system is kept up to date with developments in the way UK businesses operate in a digital and globalised world.