Small business does not get the same tax breaks as big business

Large corporations in the U.K. are under attack for getting too many tax breaks.  At least that’s what it seems to boil down to if you look at all the reports and protests in the news lately.  According to research conducted by the Centre for Business Taxation at Oxford University, the 100 largest corporations in the U.K. are taxed at a lower rate than small businesses in almost every sector.  However, the corporations in the top one percent of the income bracket contribute about 81 percent of all corporate taxes paid.  Multinational companies have contributed at least 86 percent of all the corporate tax paid over the last ten years or so.
The issue that has caused a lot of the protests is the fact that overall, big corporations often pay proportionally less of their profit in tax than small businesses do.  This relates directly to their ability to offset losses against profits and take advantage of tax breaks that small businesses don’t know about, mainly because they can’t afford the high-powered tax accountants to ferret them out.
The data from the Oxford research brought out the fluctuation that has taken place in the last three or four years.  In 2006-7, the financial sector paid a tax bill of about £11 billion, but in 2009-10 that payment was only about £4.5 billion.  Total revenue from corporate tax reached about £46 billion in 2007-8, and then fell to less than £36 billion in 2009-10.  Data from other research indicated that the 100 biggest corporations paid about £1.97 in other taxes, i.e. national insurance etc., for every £1 they paid in corporate tax.
A note to consider is that even though the U.K.’s corporate tax rate has been lower than average for the past 25 years, corporate tax revenue has actually exceeded the G7 average.  Another is the argument by representatives of big business that lowering the corporate rate would generate more tax revenue from other sources by generating more job-creating investment.