asked Her Majesty's Government:
What amount was raised from the United Kingdom financial services sector for each of the financial years 1996-97 to 2004-05 from (a) corporation tax; (b) income tax; (c) national insurance; (d) stamp duty; and (e) any other taxes.[HL6802]
Available information is given below. The estimates for corporation tax are published on the HMRC website at www.hmrc.gov.uk/stats/corporate_tax/table11_1.pdf.
Relevant information on income tax and national insurance contributions are available for income tax and class 1 contributions deducted through PAYE. These estimates are set out in the table below.
Year PAYE deductions of income tax and class 1 NICs (£ billion) 1996-97 10.0 1997-98 11.5 1998-99 12.3 1999-00 14.4 2000-01 17.5 2001-02 16.3 2002-03 16.0 2003-04p 17.5 P = provisional
Estimates of receipts from stamp duty on land and property, where the buyer was a financial institution, are given in the table below.
Year Stamp duty on land and property (£ billion) 1996-97 0.1 1997-98 0.1 1998-99 0.2 1999-00 0.2 2000-01 0.3 2001-02 0.2 2002-03 0.3 2003-04 0.2 2004-05 0.1
It is not possible to provide any breakdown by type of purchaser for stamp duty on share transactions.
On other taxes, most financial services fall with the exemptions for VAT.
The data for total insurance premium tax are published on the uktradeinfo website at www.uk tradeinfo.com/index.cfm?task=ipt.
HMRC does not collect information on excise duties and other taxes attributable to purchases of fuel, alcohol et cetera by the financial sector.