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UK: Downing Street says tech giant ‘welcome’ to come to UK after EU apple decision

By  |  August 31, 2016

Britain could cut corporation tax to attract major international companies under plans being considered by Theresa May after Apple was hit with a record tax bill by Brussels.

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    Downing Street said it would “welcome” Apple to the UK after the European Commission took the extraordinary step of hitting the company with an £11billion fine.

    In a damning report published on Tuesday, the commission found that a deal with Ireland meant the technology giant paid as little as 0.005 per cent tax on its European profits for more than a decade.

    The current rate of corporation tax in Ireland is 12.5 per cent. Tim Cook, Apple’s chief executive, accused the European Union of trying to re-write history and said that the decision represents a “devastating blow to the sovereignty of EU member states”.

    He said that the decision will have a “profound and harmful effect” on investment and jobs in the European Union.

    Ministers told The Daily Telegraph that the European Commission’s decision could represent a significant “opportunity” for Britain as it seeks to attract business after leaving the EU.

    Full Content: Telegraph

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