Insurers' tax contribution greater than entire Home Office budget
The insurance industry made a total contribution of £10.4bn to the Exchequer a report from the Association of British Insurers (ABI) and PWC has revealed.
The contribution was bigger than the entire Home Office budget, which currently stands at £10.2bn, and insurance companies in the Hundred Group paid the third highest corporation tax of any sector.
The independent report found that corporation tax paid by insurers was £2.7bn in 2010 - or 6.4% of total government corporation tax receipts. This was a 50% jump in corporation tax paid out by ABI members since 2009.
The £10.4bn total tax contribution breaks down as £4.6bn taxes borne and £5.8bn taxes
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