Bim Afolami: To ask Mr Chancellor of the Exchequer, what estimate his Department has made of the total sum of revenue that it has generated from the gradual reductions in the rate of corporation tax since 2010.
Mel Stride: Since 2010 the Government has reduced the rate of Corporation Tax from 28 per cent to 19 per cent today, and has announced a further reduction to 17 per cent from 1 April 2020.
The Exchequer costs of each rate reduction are certified by the Office for Budget Responsibility. They are published in Table 2.1 of the Budget or Autumn Statement document at announcement, and Table 2.2 of subsequent Budget documents until implementation.
Despite lowering the rate, onshore Corporation Tax revenues have increased by around 50 per cent, from £36.2 billion in 2010-11 to £54.1 billion in 2016-17, and are above their pre-crisis peak.