Insider October 2016 - Businesses pay £44 billion in corporation tax

This is an increase of 3% from the £43 billion collected in 2014/15, and is the highest since 2007/08.

The figure relects increases in tax from the manufacturing, distribution, financial services and commercial sectors.

North Sea oil and gas sector receipts fell from £2.1 billion in 2014/15 to £0.5 billion in 2015/16 while bank surcharge receipts (introduced from January 2016) were £22 million.

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