20 years of the 100 Group survey

The Total Tax Contribution (TTC) of the 100 Group for 2023/24

The 2024 Total Tax Contribution report presents the tax and wider economic contribution of the largest listed companies in the UK for 2023/24.

10.2%

Increase in taxes borne compared to prior year
↑9

Increase in the number of business taxes since 2006 (31 in total)
47.5%

Total Tax Rate
19.7%

Increase in 100 Group capital investment

2024 Total Tax Contribution survey of the 100 Group

Now in its 20th year, the annual survey collects data from 100 Group members and reports on the contribution made in taxes borne, taxes collected and the wider economic contribution.

We have analysed trends over the last 12 months and also the last 20 years, highlighting the changing tax profile and how changing economic conditions and legislation have impacted these trends.

Download the full report Total Tax Contribution of the 100 Group

Taxes borne and TTR

Taxes borne for the 100 Group increased by 10.2% in 2023/24, driven by:

Corporation Tax
Energy Profits Levy
Electricity Generator Levy

Taxes borne by the 100 Group are almost half of commercial profits (TTR: 47.5%).

Total Tax Contribution

The Total Tax Contribution (TTC) increased by £3.5bn in 2023/24.

The TTC of the 100 Group was £93.3bn in 2023/24, comprising:
- £31.8bn of taxes borne
- £61.5bn of taxes collected
Representing 9.9% of total government receipts.

For the first time in 20 years of the 100 Group survey:

The headline rate of Corporation Tax increased
The number of business taxes exceeded 30

Wider economic contribution

The wider economic contribution of the 100 Group to the society extends beyond the value of taxes paid.

The 100 Group employ 1.8 million people
52 companies in the survey provided 9,644 apprenticeship starts in 2023/24
Capital Investment increased by 19.7%, reaching £29.5bn

Explore 20 years of the 100 Group’s Total Tax Contribution

Explore the data from our TTC surveys in more detail, comparing the change in profile between different years and different taxes.

The survey collects data from 100 Group members on the contribution made in all taxes borne - the taxes that represent a cost to the company such as Corporation Tax, employer National Insurance contributions, Business Rates, irrecoverable VAT and Bank Levy.

The changing profile of taxes borne between 2005 and 2024

Analysis over the 20 years of the survey shows a significant change in the profile of taxes borne. The contribution made to total taxes borne by taxes other than Corporation Tax is greater in 2024 when compared with 2005. This changing profile for the 100 Group suggests that tax revenues contributed by this group of companies have become materially less dependent on Corporation Tax.

Trends in taxes between 2005 and 2024

Over 20 years, the TTC survey has collected an extensive bank of data on tax payments by the 100 Group members. 26 companies have provided data in all the surveys we have undertaken. This enables us to look at the trends in their results on a like-for-like basis, taking 2005 as 100% for each tax.

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Corporation tax

The 2024 survey period coincided with the first increase in Corporation Tax rate in 20 years of the TTC survey. The headline rate increase, from 19% to 25%, together with rising profits, led to a 26% increase in Corporation Tax. As a result, Corporation tax in 2024 is above the 2005 level for the first time since 2008.

The broad trend from 2005 to 2015 was decreasing Corporation Tax being offset by increasing other taxes borne. The decrease in Corporation Tax was due to a number of factors: reductions in the statutory rate of Corporation Tax (from 30% in 2005 to 19% from April 2017), but also, between 2010 to 2015, reduced contributions from the oil and gas sector due to lower oil prices and production levels, from the retailers due to challenging economic conditions, and from the financial services sector, mainly due to brought forward losses.

From 2017 onwards, the general trend has been one of increasing Corporation Tax, driven by the introduction of the Bank Surcharge in 2016 and legislation to restrict the use of losses carried forward, corporate interest deductions and compensation payment restrictions for banks. As a result of the rate increase from 19% to 25% in 2023, Corporation Tax makes up a third of all taxes borne in this year’s survey, the largest share since 2011.

year,Corporation tax,Employer's NIC,Business rates,Irrecoverable VAT,Petroleum revenue tax,Bank Levy,Other
2005,50,20,11,9,4.1,0,5.9
2006,52.1,16.9,12.6,8.3,5.8,0,4.3
2007,55.9,15.2,11.5,7.8,5.7,0,3.9
2008,46.8,20.2,14.1,9.7,4,0,5.3
2009,44,21.4,14.5,9.4,6.5,0,4.3
2010,33.7,27.4,20.3,10.6,2.8,0,5.2
2011,39.5,23.3,15,10.7,2.5,0,8.9
2012,32.8,25.2,16.9,13.8,3.1,3.2,5
2013,25.9,27.5,18.9,14.1,3.1,5.2,5.3
2014,23.4,28.2,19.5,15,1.3,5.9,6.6
2015,18.3,29.4,21,15.6,0.4,8.1,7.2
2016,19.7,27.7,20.9,15.1,0,9.6,7
2017,25.2,27.3,18.9,14,0,8.3,6.2
2018,26.5,25.8,18.5,13.3,0,8.1,7.8
2019,24.3,27,19.1,15,0,6.9,7.7
2020,25.5,25.7,19,15.2,0,6.5,8.2
2021,27,26.6,17,14.5,0,7.2,7.7
2022,32.1,25.1,17.7,13.8,0,4.2,7.1
2023,29,26.3,16.1,14.4,0,2.3,11.9
2024,33.5,24.3,14.0,13.5,0.0,2.1,12.6

year,Corporation tax,Other taxes borne,Taxes borne,Irrecoverable VAT,Business Rates,Employer's NIC
2005,100.00,100.00,100.00,100.00,100.00,100.00
2006,112.00,115.70,113.80,100.00,132.40,107.80
2007,140.00,121.80,131.00,97.40,151.80,114.60
2008,103.60,120.80,112.00,107.30,154.60,121.40
2009,95.80,131.60,113.40,119.40,146.50,125.60
2010,47.50,117.70,81.90,111.60,156.90,126.40
2011,96.60,133.70,114.80,148.30,163.90,140.70
2012,68.80,164.50,115.80,195.00,170.10,156.60
2013,41.60,173.90,106.60,194.80,181.80,157.00
2014,30.50,174.60,101.30,204.90,188.00,154.80
2015,20.90,178.10,98.10,203.80,195.40,155.50
2016,23.90,181.20,101.20,206.20,203.70,159.30
2017,39.30,178.40,107.70,197.00,202.30,164.80
2018,53.80,182.90,117.20,200.50,201.90,166.60
2019,50.70,184.30,116.40,220.40,203.10,170.40
2020,54.60,187.60,119.90,226.50,207.40,172.20
2021,45.70,172.70,108.10,192.30,182.80,169.10
2022,56.10,170.60,112.30,190.50,202.60,167.90
2023,64.40,193.20,127.70,219.90,200.40,193.60
2024,103.10,202.40,151.90,225.80,182.30,200.70

Notes about the survey

Charts are based on data provided by survey participants in each survey.
PwC has anonymised and aggregated this data to produce the survey results.
All 20 TTC surveys with the 100 Group use the same PwC TTC methodology which enables the results to be compared.
PwC has not verified, validated or audited the data and cannot give any undertakings as to the accuracy of the survey results in that respect.