TUI-CorporationTax by 5LIVEMoney
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TUI Travel has told 5 Live Breakfast it paid no corporation tax in the UK in the year ending September -- despite making record profits. The company's chief executive says it offset earlier losses, reducing its corporation tax bill to zero.
Statement from TUI Travel PLC in regards to UK corporation tax.
We have no profits chargeable to UK corporation tax because they are all eliminated due to capital allowances, losses brought forward from prior years as a result of restructuring and cost incurred as a result of the ash cloud in 2010. This offsets our UK taxable profits in full and is fully compliant with UK tax law, perfectly legitimate and normal practice. We expect to pay small amounts of UK corporation tax in 2013/14 with significantly larger amounts in later years as our brought forward losses are eliminated
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