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The analysis in the report estimates the total tax contribution of the UK banking sector to be £41 billion in the financial year to the end of March 2023, £2.2 billion higher than the previous year and equivalent to 4.6 per cent of the total UK government tax receipts in the period.
The report also includes analysis of the UK's current and projected tax levels for a typical corporate and investment bank relative to other global financial centres. For 2023, London (45.5 per cent) has a total tax rate that is higher than New York (27.9 per cent) and Dublin (32.4 per cent). While it is for now slightly lower than Frankfurt and Amsterdam (both 46.8 per cent), from 2024 the London Total Tax Rate is forecast to be 7 percentage points higher than Frankfurt (38.5 per cent), 8.3 percentage points higher than Amsterdam (37.2 per cent) and 17.6 percentage points higher than New York and Dublin (both at 27.9 per cent). This is something that needs to be considered in terms of the UK’s international competitiveness.
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