Insurers provide over £6bn in revenue for government say ABI
UK insurers provide £6.5bn in tax revenue for the Government new research commissioned by the Association of British Insurers (ABI) has revealed.
Its members paid £3.1bn in taxes in 2006-07, with the UK insurance industry paying the third highest amount of corporation tax of any sector*.
The research, which was compiled by business advisers PricewaterhouseCoopers (PwC)**, also revealed an additional £3.4bn in tax is collected on behalf of the Government by insurance companies, through taxes such as PAYE, employee National Insurance (NI) and Insurance Premium Tax (IPT).
Peter Vipond, director of financial regulation and taxation at the ABI
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