Corporation tax record

CORPORATION tax receipts hit a record high last year – even after the main rate was slashed from 28pc to 20pc.

Businesses paid £55.1bn in corporation tax in 2016-2017 – up 22pc on the previous year and more than 50pc on the £36.2bn received in 2010-11.

That was the last year that corporation tax was charged at 28pc before being cut by George Osborne. Corporation tax was cut again this year to 19pc and is due to reach 17pc in April. Experts urged Philip Hammond to press ahead with the planned cuts. Stella Amiss, head of tax policy at PwC, said if this intention was to be reversed it would risk signalling that ‘the Government is not committed to supporting business’.