Online & Digital

Apple’s UK stores paid only £800k in tax

The group reportedly minimised its tax bill by £9.2m after an increase in its share price led to a £30.3m share-based payout to employees

Apple’s UK retail division paid only £796,000 in tax last year after it made large payouts to its employees through a stock option scheme, The Times has reported.

The tech giant’s UK retail arm, which covers 38 retail shops, made pre-tax profits of £38.2m on sales of £971.5m in the year ended September 25. 

Despite this, the group reportedly minimised its tax bill by £9.2m after an increase in its share price led to a £30.3m share-based payout to employees, which is a tax deductible expense.

Richard Murphy, professor of accounting at Sheffield University’s management school, said he believed that Apple had claimed the full available tax relief from the scheme “without reflecting all the related costs in its accounts”, according to The Times.

An Apple spokesperson told the paper: “We know the important role taxes play in society and always pay all that we owe everywhere we operate.

“In addition to our tax payments, we are proud to be an engine of growth in the UK supporting more than 450,000 jobs across the country.”

Back to top button
[class^="wpforms-"]
[class^="wpforms-"]