Our financial performance and tax contribution.
We started the financial year strongly, recording high single digit growth prior to the onset of the pandemic. Like many businesses, our performance was then impacted by COVID-19. However, thanks to the hard work of our people, our business has remained resilient and our financial performance robust. We will report on our 2021 results later this year.
1) The FY20 figure excludes profit of £115m from the disposal of our Pensions business. The FY18 figure excludes profit of £106 million arising on disposal of 15 Canada Square
2) In 2021, our firm's governance structure was changed by separating the roles of Chair and Chief Executive. Going forward, we will report on the remuneration of our Chief Executive.
3) The FY20 net sales growth for Tax and Legal excludes the pensions business. Whereas FY19 and FY18 does include the pensions business.
KPMG in the UK makes a significant contribution each year to the public finances through the taxes paid by our partners on our profit, the taxes we bear as an organisation such as employers' national insurance, corporation tax (which is paid on the small proportion of profit earned in subsidiary companies), business rates and property and environmental taxes, and those we collect on behalf of the exchequer, such as employees' national insurance, employment tax and VAT. Taken together, the tax borne by us and collected on behalf of the government gives a clear picture of our economic activity, the contribution we make to the UK economy and the value we add to society at large.