Apple’s contribution to the Treasury has soared to over £300m for its most recent financial year, as profits exceeded £1bn.
The US behemoth paid £303.7m in UK corporation tax in the 12 months leading up to 28 September, 2024, as per the latest accounts lodged with Companies House, as reported by City AM.
This figure marks a significant increase from the £188.1m paid in the previous year.
The total was contributed by Apple’s three UK-based entities: Apple (UK), Apple Europe and Apple Retail UK.
Financial results for Apple (UK) indicate that the trio of companies achieved a combined turnover of £4.69bn for the fiscal year, an increase from £3.46bn.
Furthermore, it was disclosed that their collective operating profits leapt from £822m to £1.15bn within the year.
While the complete results for Apple (UK) have been released, the documents for the other two firms are yet to be made public.
In the span of 12 months, Apple (UK)’s turnover rose from £666.6m to £765.9m, while its pre-tax profit climbed from £98.2m to £141.3m.
On the whole, the American giant operates 40 stores across the UK and employs over 7,700 staff members.
Apple’s tax affairs ruled on
Apple’s tax affairs were brought into focus in September of the previous year when the highest court in Europe ruled that Ireland could reclaim more than €13bn (£11.2bn) in back taxes from the US titan.
The decision by the European Court of Justice (CJEU) reinstated a 2016 ruling by the European Commission that Ireland had provided Apple with undue tax benefits, which would contravene EU state aid regulations.
Ireland and Apple, both maintaining that the correct tax had been paid, contested the commission’s findings, and in July 2020, the General Court of the European Union quashed the ruling. Still, the European Commission challenged this annulment at the CJEU, arguing that the lower tribunal had erred in law.
The CJEU concurred, noting that the General Court had “erred” and thus overturned the prior judgment, reinstating the commission’s initial decision.
