Business receipts have risen sharply since the price was lowered, because the booming companies in Great Britain are increasing the treasury of the Treasure.
Official figures from the budget watchdog show that the tax raised £ 57.6 billion last year when companies paid 19 percent of the profits.
That was 44 percent more than in 2010, when the corporation tax was 28 percent. Experts last night said that the figures are irrefutable evidence that lowering taxes is a great way to increase revenue & # 39 ;, encouraging enterprises and boosting economic activity.
Sunny prospects: official figures from the budget watchdog show that the tax raised £ 57.6 billion last year
And as a sign that the economy has continued to flourish since the Brexit vote, corporate income tax has increased by 26 percent since the EU referendum.
This is much more than expected by the Treasury, where gloomy officials were concerned that the vote to leave the Brussels club would bring profit and the economy.
The reduction in corporation tax, from 28 percent in 2010 to 19 percent now, is also seen as a driving force behind the strong recent increase in employment, which has made income tax and VAT revenues higher as more people earn and spend more.
This has provided treasury funds to pay for essential services such as the NHS and the police.
But Jeremy Corbyn has said that a Labor government would roll back the corporate tax cuts, hammering small and large companies.
Tory MP John Redwood said: & # 39; Again, this shows that the Treasury was far too gloomy in its predictions after the Brexit. And again, lowering a tax rate has led to a bonanza income for the treasury. When do they learn to apply this approach more broadly? & # 39; Mark Littlewood, Director General of the Institute of Economic Affairs, said: "These figures are indisputable evidence that lowering taxes is a great way to increase revenue and boost entrepreneurship."
Figures from the Bureau for Budget Responsibility, the official Treasury Watchdog, show the corporation tax £ 40.1 billion in 2009-10 when the percentage was 28 percent. Cut to 19 percent, corporation tax last year increased 57.6 billion pounds, up 44 percent since 2009-10.
In the last year before the Brexit vote, when corporation tax was 20 percent, it raised £ 45.6 billion. The £ 12 billion increase in the two years after the Brexit vote was much larger than expected by the OBR.
Sam Dumitriu from the free market According to the Adam Smith Institute think tank, ministers have to reduce the tax on companies that invest. He said: & # 39; A competitive corporate tax rate has made Britain more attractive to do business.
As a result, multinational corporations, including Starbucks and McDonalds, have moved the European headquarters to the UK, bringing jobs, investments and tax payments. & # 39;