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Why has the UK corporation tax raised so much revenue?

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Author Info
Michael Devereux () (Institute for Fiscal Studies and University of Oxford)
Rachel Griffith () (Institute for Fiscal Studies)
Alexander Klemm () (Institute for Fiscal Studies)

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Abstract

We analyse a puzzle in the UK corporation tax: by both historic and international standards, corporation tax revenues have been high while the statutory rate has been reduced. We consider explanations based on changes in the tax law and in economic factors. Changes in the tax law, such as base-broadening measures through reductions in capital allowances, can explain only part of the puzzle. Among the economic explanations, an increase in the size of the corporate sector, mainly caused by expansion of the service sector and improvements in profitability of the financial sector, seems the most likely. To the extent that higher profits, particularly financial sector profits, may have led to high revenues, there are doubts as to whether revenues will continue to be so strong.

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Publisher Info
Article provided by Institute for Fiscal Studies in its journal Fiscal Studies.

Volume (Year): 25 (2004)
Issue (Month): 4 (December)
Pages: 367-388
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Handle: RePEc:ifs:fistud:v:25:y:2004:i:4:p:367-388

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Find related papers by JEL classification:
H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies

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  1. Ruud A. de Mooij & Gaëtan Nicodème, 2008. "Corporate tax policy and incorporation in the EU," CPB Discussion Papers 97, CPB Netherlands Bureau for Economic Policy Analysis. [Downloadable!]
    Other versions:
  2. Koffie Nassar, 2008. "Corporate Income Tax Competition in the Caribbean," IMF Working Papers 08/77, International Monetary Fund. [Downloadable!]
  3. Alan Auerbach & Michael P. Devereux & Helen Simpson, 2007. "Taxing Corporate Income," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  4. Kimberly Clausing, 2007. "Corporate tax revenues in OECD countries," International Tax and Public Finance, Springer, vol. 14(2), pages 115-133, April. [Downloadable!] (restricted)
  5. Tuomas Kosonen, 2007. "The Increased Revenue from Finnish Corporate Income Tax in the 1990s," Discussion Papers 421, Government Institute for Economic Research Finland (VATT). [Downloadable!]
  6. Andreas Haufler, 2007. "Sollen multinationale Unternehmen weniger Steuern bezahlen?," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 76(2), pages 8-20. [Downloadable!] (restricted)
  7. Ruud de Mooij & Gaetan Nicodème, 2006. "Corporate Tax Policy, Entrepreneurship and Incorporation in the EU," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  8. Andreas Haufler & Alexander Klemm & Guttorm Schjelderup, 2006. "Economic Integration and Redistributive Taxation: A Simple Model with Ambiguous Results," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  9. Chang Nam & Doina Radulescu, 2007. "Effects of Corporate Tax Reforms on SMEs’ Investment Decisions under the Particular Consideration of Inflation," Small Business Economics, Springer, vol. 29(1), pages 101-118, June. [Downloadable!] (restricted)
    Other versions:
  10. Antonis Adam & Pantelis Kammas, 2007. "Tax policies in a globalized world: Is it politics after all?," Public Choice, Springer, vol. 133(3), pages 321-341, December. [Downloadable!] (restricted)
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