HMRC's collection of revenue from corporation tax (CT) receipts shows a fall of 6% to £39.5bn - down from £42.2bn.

The fall in CT is being attributed to a 48% reduction in North Sea Oil receipts, down from £9.2bn in 2011-12 to £4.8bn in 2012-13.

The reduction in tax receipts from North Sea Companies was partly offset by a 5% increase in receipts from the onshore company industrial sectors from £32.9 billion in 2011-12 to £34.7 billion in 2012-13, driven by increases across the Industrial and Commercial, Financial (excluding Life Assurance) and Life Assurance Sectors.

However the tax authority recorded larger increases in other sectors - the biggest relative increase in onshore companies receipts from 2011-12 to 2013-13 came from Life Assurance sector, which increased by 47% from £0.9bn to £1.4bn.

HMRC says that this change reflects the general variability of these annual receipts figures as seen in previous years with increases and decreases of similar magnitudes being observed.

Total CT liabilities rose by 16% to £44.4bn in 2010-11, the latest year for which figures are available, from £38.2bn in 2009-10.

CT liabilities from North Sea oil companies increased by 42% to £7.7bn in 2010-11, as oil prices rose from their previous lows.

Liabilities from the Industrial and Commercial sector also increased to £28.8bn from £25.1bn, a 15% rise.

In the Financial and Life Assurance sectors, liabilities increased by 2% and 12% respectively.