Apple To Pay More Tax To UK After Transfer Pricing Audit
Apple Europe Ltd, a wholly owned subsidiary of Apple Inc., said it expects to pay more tax in the UK and paid an extra GBP136m for prior years up to September 26, 2015, after an extensive audit by HM Revenue and Customs.
In its end-of-year accounts made up to April 1, 2017, published by Companies House on January 8, 2018, the company said:
“Following an extensive audit by HMRC, the company agreed to pay a corporate income tax adjustment of GBP136m (USD183.8m) covering prior years up to September 26, 2015. This payment of additional tax and interest reflects the company’s increased activity and is recognized in the financial period which ended on April 1, 2017.”
“As a result of this adjustment the company’s corporate income tax payments will increase going forward.”
The GBP136.98m payment was in addition to corporate tax paid to the UK in the 18-month period to April 1, 2017, of GBP57.45m.