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Starbucks pays more tax shock!
28 June 2019
Starbucks UK has reported a pre-tax loss of £17.2m, compared to a profit of £4.6m in the previous year.
That’s its first UK loss since 2013. Gross profits fell to £56m in the year to last September, although turnover jumped 4.1% to £387.1m.
However, it paid corporation tax of £4.05, a 23% rise, which was primarily due to a £20m onerous lease provision. There were also some one-off charges related to the renegotiation of other leases and the closure of unprofitable stores to be taken into account.
The lease provisions cannot be deduced for tax purposes.
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