| Updated:
Tax refunds up as losses mount
CORPORATION tax refunds rocketed 91 per cent in the five years to March 2010 as businesses offset losses against previous profits, according to research out today from accountancy firms UHY Hacker Young.
Refunds hit £9bn in the year, up from £8.7bn in the previous year and £4.7bn in the year to March 2005.
The average amount paid back rose 43 per cent from £17,683 to £25,259 in March 2010.
UHY Hacker Young also criticised HM Revenue and Customs, claiming job cuts at the department mean it now takes longer to receive refunds.