The 18th annual Total Tax Contribution (TTC) of the 100 Group, produced by PwC, found that the companies contributed £81.5bn in tax despite lockdowns and ongoing social distancing measures throughout much of 2021.

This year total tax contributions increased by 5.2% on a two-year trend basis, £4.5bn higher than in 2021, which stood at £77.1bn. 

Before the pandemic, the total contribution had been relatively stable over a nine-year period, averaging at £80bn annually.

This dropped by 7.8% to £77.1bn in 2021, largely due to social distancing measures and three months of national lockdown.

However, greater economic activity throughout 2021/22, together with an increase in profits and the unwinding of the business rates relief, drove an increase in taxes borne and collected.