24 08 2017

UK Law, Accounting Firms Contribute 2.5pc Of UK Taxes: Report

UK law and accountancy firms contributed 2.5 percent of all UK tax receipts in 2015/16, a report has found.

According to figures published by TheCityUK and compiled by PwC, the UK-based legal and accountancy sector generated an estimated GBP15.5bn (USD20.4bn) in tax during this period, comprising GBP6.4bn in taxes borne and GBP9.1bn in taxes collected.

Added together with the significant total tax contribution for the financial services sector, reported as GBP71.4bn in 2015/16, the estimated total tax contribution for UK-based financial, legal, and accountancy services is GBP87bn.

In 2016, there were nearly 60,500 legal and accounting businesses in the UK.