Accredited official statistics

Corporation Tax statistics commentary 2025

Published 25 September 2025

£97.2 billion total receipts from all corporate taxes for 2024 to 2025, up from £93.7 billion in the previous year

£91.4 billion total liabilities for all corporate taxes for 2023 to 2024, up from £83.6 billion in the previous year

1. About this release

This annual publication provides a breakdown of receipts and liabilities from corporate taxes by number of companies, income, deductions, industry sector, company size and financial year. For the purposes of this publication, corporate taxes consist of:

• Corporation Tax (CT) which includes onshore and offshore CT
• Bank Levy
• Bank Surcharge
• Residential Property Developer Tax (RPDT)
• Energy Profits Levy (EPL)
• Electricity Generator Levy (EGL)

The publication includes receipts figures up to financial year 1 April 2024 to 31 March 2025, and the first published CT liability estimates for company accounting periods ending between 1 April 2023 to 31 March 2024.

2. Headline findings

The key findings in this year’s publication are that:

• total receipts from all corporate taxes in financial year 2024 to 2025 were £97.2 billion, an increase of £3.5 billion (4%)
• the increase in receipts in the latest year continued the upward trend in recent years, driven by a strong post-pandemic recovery in the economy, an increase in onshore CT receipts following the increase in the main rate of CT in April 2023, and the introduction of new corporate taxes and levies
• CT liabilities continued to grow in 2024 to 2025 but at a slower rate than in recent years
• in financial year 2023 to 2024, approximately 7,000 companies (0.4% of all companies who had an amount of tax to pay) had liabilities over £1 million, yet these contributed 61%, or £51 billion, of total CT liabilities
• total capital allowances claims minus balancing charges were £157.2 billion in financial year 2023 to 2024, a decrease of £5 billion (3%), which is largely due to the ending of the super-deduction on 31 March 2023
• total qualifying expenditure continued to increase, rising from £168.4 billion in financial year 2022 to 2023 to £175.7 billion in financial year 2023 to 2024

3. Receipts from all corporate taxes

Figure 1: Receipts from all corporate taxes between financial years 2019 to 2020 and 2024 to 2025

The data underpinning figure 1 is within table 1A of the Corporation Tax statistics data tables 2025.

Key statistics to note from figure 1 include:

• total receipts from all corporate taxes were £97.2 billion in financial year 2024 to 2025, an increase of £3.5 billion (4%) on the previous year
• the increase in receipts in the latest year continued the upward trend in recent years, driven by a strong post-pandemic in the economy, an increase in onshore CT receipts following the increase in the main rate of CT in April 2023, and the introduction of new corporate taxes and levies
• onshore CT receipts were £89.2 billion in financial year 2024 to 2025, an increase of £6.5 billion (8%) on the previous year, as the full effects of the main rate increase fed through to receipts
• offshore CT receipts were £2.0 billion in financial year 2024 to 2025, a decrease of £1.0 billion (34%) on the previous year, which can be explained by lower oil and gas prices
• Bank Surcharge receipts were £1.0 billion in financial year 2024 to 2025, a decrease of £0.5 billion (33%) on the previous year, which can be largely explained by a reduction in the rate of Bank Surcharge and lower banks’ profitability
• Bank Levy receipts were £1.3 billion in financial year 2024 to 2025, a decrease of £0.1 billion (8%) on the previous year
• Residential Property Developer Tax receipts were £0.1 billion in financial year 2024 to 2025 and just marginally below receipts in the previous year
• Energy Profits Levy receipts were £2.9 billion in financial year 2024 to 2025, a decrease of £0.7 billion (20%) on the previous year, which can be explained by lower oil and gas prices
• Electricity Generator Levy receipts were £0.7 billion in financial year 2024 to 2025, a decrease of £0.7 billion (49%) on the previous year, which can be explained by lower wholesale electricity prices

4. Receipts from Corporation Tax by Standard Industrial Classification of economic activity (SIC)

Figure 2: Receipts from Corporation Tax by SIC section, financial year 2024 to 2025

The data underpinning figure 2 is within table 1B of the Corporation Tax statistics data tables 2025.

Key statistics to note are that:

• Financial and Insurance was the largest contributor with CT receipts of £21.4 billion in financial year 2024 to 2025, accounting for nearly a quarter of the total
• Wholesale and Retail Trade was the second largest contributor, with £10.0 billion or 11% of total CT receipts in financial year 2024 to 2025
• Professional, Scientific and Technical activities was the third largest contributor, with £8.6 billion or 9% of total CT receipts in financial year 2024 to 2025

Figure 3: Growth in amount of CT receipts by SIC industry section, between financial years 2023 to 2024 and 2024 to 2025

The data underpinning figure 3 is within table 1B of the Corporation Tax statistics data tables 2025.

The main points to note in figure 3 are that:

• of the 20 industry sectors, 17 saw year-on-year increases in CT receipts, with only 3 experiencing year-on-year decreases
• the largest increase was in the Admin and Support, Public Admin and Defence sectors, which together saw a £1.8 billion or 28% increase
• the largest year-on-year decrease was in Mining and Quarrying with receipts down by £3.7 billion or 75%

Figure 4 below shows the longer-term trends in CT receipts for some of the highest contributing SIC sections, between financial years 2019 to 2020 and 2024 to 2025.

Figure 4: Growth of CT receipts by SIC industry section between financial years 2019 to 2020 and 2024 to 2025

The data underpinning figure 4 is within table 1B of the Corporation Tax statistics data tables 2025.

The main points to note in figure 4 are that:

• CT receipts from Mining and Quarrying have been the most volatile over the 6-year period. Receipts have increased sharply between 2020 to 2021 and 2022 to 2023, linked to post-pandemic recovery and Russia’s invasion of Ukraine, before declining in the latest 2 years due to falling energy prices
• CT receipts from Financial and Insurance increased most in value over the 6-year period, rising by £7.7 billion or 56%

5. Corporation Tax liabilities and the rate change

Figure 5: Total onshore and offshore Corporation Tax liabilities, between financial year 2018 to 2019 and 2023 to 2024 (£m)

The data underpinning figure 5 is within table 3A of the Corporation Tax statistics data tables 2025.

The main points to note in figure 5 for total onshore and offshore CT liabilities are that:

• CT liabilities continued to grow in 2023 to 2024 but at a slower rate than in recent years.
• total CT liabilities increased by £7.1 billion (9%) in the latest financial year, from £76.1 billion in financial year 2022 to 2023, to £83.2 billion in 2023 to 2024

Figure 6 below shows the percentage growth of total taxable income, total deductions, profits chargeable to onshore CT and CT payable over the last 5 years.

Figure 6: Percentage growth in total taxable income, total deductions, profits chargeable to CT, and CT payable, between financial year 2019 to 2020 and 2023 to 2024

The data underpinning figure 6 is within table 3A of the Corporation Tax statistics data tables 2025.

This chart shows there has been stronger growth in deductions compared with income in 2023 to 2024. This has lead to a reduction in profits chargeable. The introduction of the 25% main rate has increased corporation tax payable even though profits chargeable have declined.

Figure 7 examines deductions in more detail, showing the year-on-year changes for the different types of deductions.

Figure 7: Year on year changes in deductions claimed between 2019 to 2020 and 2023 to 2024 (£m)

The data underpinning figure 7 is within table 3A of the Corporation Tax statistics data tables 2025.

This chart shows that the increase in deductions has been caused primarily by large increases in group relief claimed by companies. In the financial year 2023 to 2024, group relief (including carried forward group relief) increased by £36.1 billion, from £157.1 billion in 2022 to 2023, to £193.2 billion in 2023 to 2024. Meanwhile, losses in non-trade deficits on loan relationships and derivative contracts increased by £19.7 billion, from £136.0 billion in 2022 to 2023, to £155.6 billion in 2023 to 2024.

As described above, the growth in CT liabilities in the most recent financial year can be attributed to the introduction of the 25% main rate of CT in April 2023, despite a decrease in taxable profits. Figure 8 shows the distribution of CT chargeable by the different rates of CT.

Figure 8: Corporation Tax chargeable, split by tax rates, 2023 to 2024

The data underpinning figure 8 is within table 3A of the Corporation Tax statistics data tables 2025.

The main points to note in figure 8 for Corporation Tax chargeable in 2023 to 2024 are:

• the majority of CT was payable at the main rate of 25%, at £54.4 billion
• CT is paid at a taper rate for companies with taxable profits between £50,000 and £250,000 and the amount of CT liable at this rate in 2023 to 2024 was £5.7 billion
• CT chargeable at other rates includes ring fenced (oil and gas) rates of 30%, and special rates of 20%, with the total CT liability at these rates being £3.6 billion in 2023 to 2024

Figure 9 shows the number of companies with CT chargeable, broken down by the rate of CT liability in 2023 to 2024.

Figure 9: Number of companies, by CT rate chargeable, 2023 to 2024

The data underpinning figure 9 is within table 5 of the Corporation Tax statistics data tables 2025.

The main rate of CT at 25% was introduced on 1 April 2023. As a result, some companies had CT liabilities at 2 different rates in their accounting period which ended in financial year 2023 to 2024 (to reflect their profits in their accounting period pre and post this date). The figures shown here represent the CT rate at the end of their accounting period.

The main points to note from figure 9 for the number of companies in each band at the end of the financial year 2023 to 2024 are:

• over 1.6 million companies (51%) of companies had no CT liability
• 190,700 had CT chargeable at the main rate
• main rate companies represented 6% of all companies, or 12% of companies with a CT liability
• 962,300 companies had CT chargeable at the small profit rate
• small profit rate companies represented 30% of all companies, or 61% of companies with a CT liability

6. Corporation Tax liabilities by ‘size’ of company

Figure 10 below groups CT liabilities for the financial year 2023 to 2024 into the following bands: £0 to £9,999, £10,000 to £49,999, £50,000 to £999,999, and above £1 million. It shows the number of companies and the total liability in each band.

Figure 10: Number of companies and their CT liabilities by liability band, financial year 2023 to 2024

The data underpinning figure 10 is within tables 10A and 10B of the Corporation Tax statistics data tables 2025.

The main points to note in figure 10 are that:

• the majority of CT liabilities are accrued from a relatively small number of companies
• in financial year 2023 to 2024, approximately 7,000 companies (0.4% of all companies who had an amount of tax to pay) had liabilities over £1 million, yet these contributed 61%, or £51 billion, of total CT liabilities
• in contrast, approximately 1 million companies (66% of all companies who had an amount of tax to pay) had liabilities of less than £10,000 and these contributed just 4%, or £3.3 billion, of the CT liability total

Figure 11 below shows the longer-term trend in total CT liability by band from financial year 2018 to 2019 to financial year 2023 to 2024.

Figure 11: CT liabilities by liability band, between financial years 2018 to 2019 and 2023 to 2024

The data underpinning figure 11 is within table 10A of the Corporation Tax statistics data tables 2025.

The main points to note in figure 11 are that:

• the growth in CT liabilities over the last 3 financial years has been mainly driven by companies paying over £1 million
• total CT liabilities from companies paying over £1 million increased by 48% between financial year 2021 to 2022 and 2023 to 2024, from £34.6 billion to to £51.0 billion
• in contrast, total liabilities from companies paying less than £10,000 decreased by 2% between 2021 to 2022 and 2023 to 2024, from £3.4 billion to £3.3 billion

7. Capital allowances claimed against profits

Capital allowances are a type of tax relief for businesses for qualifying capital expenditure. They allow a company to deduct some or all of the value of an item from their profits before they pay tax.

There are many types of capital allowance available to companies, including the ‘super-deduction’ which was available from 1 April 2021 until 31 March 2023, and ‘full expensing’ which came into effect from 1 April 2023. More information on capital allowances can be found in the guidance accompanying this publication.

Figure 12 below shows the value of capital allowances from financial year 2018 to 2019 to financial year 2023 to 2024, by type of allowance.

Figure 12: Value of capital allowance claims minus balancing charges between financial years 2018 to 2019 and 2023 to 2024

The data underpinning figure 12 can be found in table 12A of the Corporation Tax statistics data tables 2025.

The main points to note in figure 12 are that:

• total capital allowances claims minus balancing charges, were £157.2 billion in financial year 2023 to 2024, a decrease of £5 billion (3%), which is largely due to the ending of the super-deduction on 31 March 2023
• Annual Investment Allowances were £20.8 billion in financial year 2023 to 2024, an increase of £8.8 billion (73%) on the previous year which could be linked to return of pre super-deduction levels following the end of the super-deduction

Additional analysis of data in tables 13A and 13B of the Corporation Tax statistics data tables 2025 shows that 47% (£73.9 billion) of total capital allowances claims in financial year 2023 to 2024, were made by approximately 355 companies, or just 0.03% of the total number of companies who made a capital allowances claim.

8. Capital allowances qualifying expenditure

Companies are required to record the total amount of qualifying expenditure incurred in the accounting period.

Figure 13 below shows the total amount of qualifying expenditure from financial year 2018 to 2019 to financial year 2023 to 2024, by type of expenditure.

Figure 13: Amount of capital allowances qualifying expenditure between financial years 2018 to 2019 and 2023 to 2024

The data underpinning figure 13 can be found in table 14A of the Corporation Tax statistics data tables 2025.

The main points to note in figure 13 are that:

• total qualifying expenditure continued to increase, rising from £168.4 billion in financial year 2022 to 2023 to £175.7 billion in financial year 2023 to 2024
• there was a drop in value of long-life assets and integral features claiming the 6% writing down allowance. This likely reflects companies switching to claiming the special rate first year allowance for these assets instead

9. Publication information

This is an annual publication published on 25 September 2025. The next release is scheduled for autumn 2026.

For press queries, please contact:

HMRC Press Office
Telephone: 03000 585 018

For statistical queries or feedback on this publication, please contact:

D Pritchard on CT receipts or M Dickson on CT liabilities
ct.statistics@hmrc.gov.uk