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Insurers responsible for record taxes

Open-access content Tuesday 10th January 2023
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The insurance and long-term savings industry contributed a record £17.2bn in tax to the UK economy in 2021–22.

A study by PwC, based on data from 29 members of the Association of British Insurers (ABI), reveals that the sector contributed 6.9% more in tax in 2021–22 than in 2019–20.

The ABI said the record figure shows that the industry has continued to contribute significantly to the UK economy, supplying 2.1% of the government’s tax receipts for the period, despite rising inflation and market volatility.

The contribution includes £4.8bn from corporation tax, irrecoverable VAT and employment tax, and £12.4bn collected through insurance premium tax, employee income tax and National Insurance contributions.

  • The aggregate funding level of UK pension schemes improved drastically by around £400bn in 2022, according to XPS Pensions Group. Last year, gilt yields rose by around 3%, resulting in a 35% reduction in the value of pension-scheme liabilities. This led many UK pension schemes to move into a surplus position for the first time since aggregated records began, the group added.

Image credit | Miha-Creative / Shutterstock
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