Apple’s UK stores paid only £800,000 in tax despite surging sales
Apple’s retail division paid just under £800,000 to HMRC, after utilising a stock option scheme loophole to minimise its tax burden.
The tech giant’s UK retail arm, which operates 38 stores, made pre-tax profits of £38.2m on sales of £971.5m in the year to September 25. However, Apple minimised its tax bill by over £9m after an increase in the share price triggered a £30.3m share-based, tax-deductible payout to employees according to the Sunday Times.
As a result, the giant paid just £790,000 in tax for the year, despite an increase in sales across its UK store portfolio.
Apple said it “always pays all that we owe everywhere we operate” and supports over 450,000 jobs in the UK.
Already have an account? Sign in here