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UK Corporate Tax Receipts Show Post-Pandemic Recovery

Sept. 22, 2022, 1:04 PM

UK companies saw sharp increases in profits following the pandemic, according to official data released Thursday.

Corporation tax receipts for the financial year 2021-2022 increased by 28%—£14.6 billion ($16.5 billion)—compared to the previous year, data released by HM Revenue and Customs showed. The pandemic had led to a 10% drop in company trading profits and an 11% increase in trading losses in the 2020-2021 financial year, HMRC said.

During the same period, there was a sharp increase in carried back losses against profits from 2017 to 2018 onwards, it added, partly as a result of temporary ...