PARLIAMENTARY DEBATE
Corporation Tax: Receipts - 18 July 2017 (Commons/Commons Chamber)
Debate Detail
Contributions from Sir Mel Stride, are highlighted with a yellow border.
Jeremy Quin
Horsham
16. What effect the reduction in corporation tax rates has had on receipts from that tax.
12:23:03
Mel Stride
The Financial Secretary to the Treasury
Since 2010 the headline corporation tax rate has been cut from 28% to 19%. Despite that, onshore corporation tax receipts have increased by more than 50%, from £36.2 billion in 2010-11 to £55.1 billion in 2016-17.
12:23:29
Jeremy Quin
According to KPMG, we have the second-most competitive tax regime anywhere in the G7. Does my hon. Friend agree that that encourages businesses to locate here and boosts our tax receipts?
Mel Stride
My hon. Friend is entirely right. The OECD has made it very clear that corporation tax increases are the most harmful tax increases for economic growth. By keeping business taxes down, in 2015-16 we saw a record number of inward investment projects creating more than 1,600 jobs per week.
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