Corporation tax woe: Britain loses aggressive benefit over European international locations

Britain has lost its competitive advantage over European countries due to high levels of corporate tax, an auditing giant said.

Lubbock Fine said HM Revenue and Customs figures show businesses paid £91.5billion of corporation tax in the 12 months to May.

Losing advantage: Lubbock Fine said HM Revenue and Customs figures show businesses paid £91.5billion of corporation tax in the 12 months to May

This is up 5 per cent on the previous year and more than double the £43billion coughed up a decade ago. 

The group said the ever-growing bill ‘threatens the UK’s ability to attract foreign investment as companies look towards countries with more favourable tax regimes’.