American tech group Apple has seen its corporation tax in the UK surge after it exceeds £1bn in profits.
The group’s tax contribution paid into Treasury coffers rocketed 62% last year from £188m to £304m in the year to September 28, 2024, according to Companies House filings.
Operating profit leapt from £822m to £1.2bn and revenues were up 35% to £47bn.
The tax bill follows a landmark tax case with the European Union last year, as Apple was ordered to pay Ireland €13bn in unpaid taxes after an eight-year dispute in regards to profits made by two subsidiaries based in Ireland.
Apple said afterwards that it would “always pay all the taxes we owe wherever we operate” and accused the European Commission of “trying to retroactively change the rules” on how it pays tax.
Apple has 40 stores in the UK with a total UK workforce of nearly 8,000 people across stores, TV studios and offices in Battersea, St Albans, Swindon, and Cambridge.
Its most recent global results saw sales of $95.3bn for the second quarter ending March 29, and recently said it expects to not pass tariff costs on to customers.
Apple chief executive Tim Cook said its revenues are still generated mostly by iPhones, wearables and services that contain App Store, Apple Music and Apple TV, but that it is also making “significant investments” in AI.
No comments yet