Apple paid no UK corporation tax last year on profits of £68m ($103m)

Apple's Covent Garden store in London

Apple’s Covent Garden store in London

Apple’s three main British subsidiaries – Apple (UK), Apple Europe and Apple Retail UK – paid no corporation tax in 2012 despite reporting profits of £68m ($103m), reports the Financial Times.

Apple did not pay UK corporation tax last year, according to its latest filings, which are likely to underline the controversy over the US tech giant’s tax planning [...] Tax deductions from share awards to employees helped wipe out the corporate tax liabilities of the UK subsidiaries in the year to September 2012. In the previous year, the tax reported by the UK subsidiaries was £11.4m …  Read more