Starbucks’s retail arm gets £13.7m tax credit even as sales increase

Starbucks UK's sales and store count rise, yet it books a £13.7m tax credit as losses deepen, with royalty payments nearly matching the deficit. | Contesto: cronaca

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• Starbucks’s retail arm gets £13.7m tax credit even as sales increase

Contesto

Starbucks' UK retail division secured a £13.7 million corporation tax credit for its last financial year, a period during which it reported a 6% increase in sales and expanded its British footprint by 92 new stores. The credit, filed with Companies House and applicable against future tax bills, was recorded alongside a deepening of pre-tax losses to £41.3 million for the year ending September 2023. This financial outcome highlights a persistent disconnect between the coffee chain's growing market presence and its reported profitability within the United Kingdom. The widening losses, which increased from £29.3 million the previous year, occurred despite a rise in turnover to £449 million. The near £40 million paid in royalty and licence fees to its global parent company, Starbucks Corporation, was a significant financial outflow, almost exactly matching the total annual loss. This structure, common among multinationals, involves the UK entity paying for the right to use the Starbucks brand, intellectual property, and other central services. The arrangement has long placed Starbucks at the center of political and public scrutiny over corporate tax avoidance. A decade ago, the company faced intense criticism and consumer backlash for legally minimizing its UK corporation tax bills through mechanisms including royalty payments, which reduce taxable profit locally. While the company has since committed to paying more tax in the UK, the latest accounts demonstrate how substantial intra-group payments continue to heavily impact the bottom line of its British retail operation. Tax experts note that the £13.7 million credit indicates the company has accumulated tax losses, likely from years of reported losses, which can be carried forward to offset tax on any future profits. "The tax credit is a reflection of past losses crystallizing on the balance sheet," said one corporate tax analyst, who spoke on condition of anonymity. "The more immediate story is the operational result: significant revenue growth is being entirely absorbed by costs, with royalty payments being the most prominent single factor." The company's aggressive expansion strategy, adding stores even amid...

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Categoria: cronaca