The banks and big business are making monkeys out of the government. Of the Big 4 technology giants, Apple (according to Sunday Times research) is estimated to have dodged £570m tax last year. Analysis of data filed by the company in the US suggests that the UK would normally account for one-tenth of Apple’s global revenue. On that basis the company’s UK turnover last year was about £6.7bn, implying an estimated profit of £2.2bn which should generate £570m in corporation tax at 26%. However, Apple’s latest accounts show UK turnover at slightly over £1bn and a profit of just £81m, i.e. only £14.4m was paid in tax – a mere 2.5% of its true tax liabilities. Continue reading →