Monday, April 9, 2012

Apple 'made £6bn' in UK... but paid only £10m in tax

Apple paid a paltry £10million in UK corporation tax in the last financial year, despite earning an estimated £6billion in the country over the period.

It is the latest technology firm to be accused of avoiding UK tax, following Amazon and Google.

Apple runs a significant operation from an industrial estate in Cork, in the Republic of Ireland, taking advantage of its ultra-low rate of corporation tax.

At just 12.5 per cent, the Irish charge is just over half the 24 per cent rate in the UK.

The company also has an offshoot in the Caribbean tax haven of the British Virgin Islands.

Documents from one of its two main UK divisions, Apple Retail UK Ltd, show it paid tax of just £3.79million on sales of more than £500million in the year to September 2010, the latest accounts available. Read More