Brussels has shelved plans for a sweeping new digital tax, just hours after Apple revealed that it shifted a record £720m of profits into Ireland from its British operations last year.
It came after Apple published accounts showing that the iPhone maker’s three UK-headquartered businesses paid dividends worth just over £600m to their Irish parent in the year to September 2020. Another £120m was paid out in December.
Oh, hang on, it’s not shifted any profits at all. It’s declared them, paid the tax upon them then moved the net of tax end amount.
It is understood that the payments were made after incurring UK tax.
Points will be awarded for spotting who gets this wrong.