To ask the Chancellor of the Exchequer, what discussions he has had with the (a) Secretary of State for Business, Energy and Industrial Strategy and (b) Secretary of State for International Trade since their return from the World Economic Forum in Davos on the potential merits of stronger tax legislation on (i) billionaires and (ii) large corporations.
1 February 2023
The Government is committed to ensuring everyone contributes their fair share of tax in the UK. That includes the most profitable companies and the wealthiest individuals.
The income tax system is highly progressive. The top 5 per cent are projected to pay half of all income tax in 2022-2023. The top 1 per cent are projected to pay over 28 per cent of all income tax in 2022-2023.
Equally, in financial year 2020-2021, 52 per cent of total Corporation Tax (CT) receipts (or £26.8 billion) were contributed by approximately 4,100 companies, which represents only 0.3 per cent of all companies who had an amount of CT to pay.