View this article at: http://www.macnn.com/articles/13/07/01/company.pulled.in.68m.in.uk.profits/
Monday, Jul 01, 2013 1:29pm
Apple avoided UK corporation tax in 2012, report says
Apple paid no UK corporation tax for 2012, according to new filings. The Financial Times reports that Apple escaped paying taxes through deductions on share awards to its workers. This is despite the company's three main British subsidiaries -- Apple UK, Apple Europe, and Apple Retail UK -- pulling in a combined 68 million in pre-tax profits. The deductions amounted to 27.7 million.

During 2011, by contrast, Apple paid the UK government 11.4 million. The company has come under fire for its tax practices, but mainly in the US. Most of the company's cash reserves are held overseas. In 2011, 84 percent of its non-US operating income flowed through Apple Sales International, an Irish subsidiary with no tax residency that paid a tax rate of just 0.05 percent.