Insurers' tax contribution greater than entire Home Office budget

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 collected on behalf of government including Insurance Premium Tax. Crucial to the econo...