Treasury see 8% rise in corporation tax

News Article - 21 August 2007
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Figures published by the Office for National Statistics have revealed that tax receipts in the UK increased significantly during July.

Providing a budget surplus of £6.5 billion, the figure was boosted by the receipt of corporation tax revenues which increased by eight per cent, the Western Mail reports.

However, despite the surplus, Paul Dales, UK economist at Capital Economics said that the results followed the largest June deficit ever recorded.

"The fiscal targets that the new chancellor Alistair Darling inherited are already looking demanding," he remarked.

Last month, KPMG claimed that businesses are becoming increasingly dissatisfied with the current tax system in the UK.

Sue Bonney, head of tax and people services at the firm, said that business' concerns regarding the country's tax competitiveness has become "deafening".

Acknowledging that policymakers were aiming to improve the situation, Ms Bonney said that tax reform proposals "come not a moment too soon".

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