PAYE and Corporate Tax receipts from the banking sector: 2020
28 September 2020
HMRC has published official statistics providing details on PAYE Income Tax and National Insurance, Corporation Tax, Bank Levy, Bank Surcharge and Bank Payroll Tax receipts from the banking sector.
The key messages drawn from the statistics show:
- PAYE, CT, Bank Levy and Bank Surcharge receipts from the banking sector were £30.7 billion in 2019-20. This is a decrease of £0.3 billion (0.9%) when compared with the previous year
- PAYE receipts from the banking sector were £21.2 billion in 2019-20, a decrease of £0.6 billion (2.7%) when compared with the previous year. This reduction is thought to be due in part to above inflation increases to the Personal Allowance and Higher Rate Threshold in this year
- Corporation Tax receipts from the banking sector were £5 billion in 2019-20, an increase of £0.3 billion (6.9%) when compared with the previous year. This increase is mainly due to a payment timing change for the largest companies, from April 2019, which brings forward their Corporation Tax quarterly instalments
- Bank Levy receipts were £2.5 billion in 2019-20, a 3.6% decrease when compared with 2018-19. This is mainly driven by year-on-year reductions in Bank Levy rates
- Bank Surcharge receipts were £2.0 billion in 2019-20, a 4.4% increase when compared with 2018-19. As with Corporation Tax, this is mainly driven by the payment timing change which also affects Bank Surcharge payments
- The Covid-19 pandemic is likely to have started to affect tax receipts towards the end of 2019-20, but the main impacts will occur in 2020-21
The full report can be read here.
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