Britain’s banks paying less tax than a decade ago

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BRITAIN’S BANKS have in recent years paid a third of the corporation tax they were paying less than a decade ago despite a rebound in profits, academics have claimed.

UK corporation tax receipts from banks fell to £1.3bn in 2011/12 and £2.3bn in 2012-13 from £7bn 2005/06, according to a study from Cambridge Judge Business School.

That left banks paying just 4 per cent of total UK corporation tax receipts in 2011/12 from 20 per cent six years earlier.

Academics said “incomplete and patchy” disclosure requirements on banks obstructed analysis.