Corporation tax payments from the UK’s biggest companies rose by 33% in 2017 to £6.39bn, according to research by PwC with the 100 Group, which includes most of the FTSE 100, several large private firms and some UK operations of multinational groups. This increase is attributed to several factors including the introduction of the bank surcharge from January 2016, loss relief and compensation payment restrictions affecting the banks and increasing profitability within the 100 Group.

The research shows that taxes borne – those that are a direct cost to …