Thomson Owner Paid No UK Corporation Tax

Tui Travel has paid no corporation tax in the UK over the last year, despite a hike of almost 40% in statutory profit.

The boss of the company, which owns Thomson and First Choice among others, told Sky News it was as a result of restructuring at the company. 

"Within the UK, because we have accumulated tax losses as a result of restructuring the business, there's little or no tax being paid in the UK," he said.

"But that's as a consequence of these carried forward losses that we have.

"Once those losses have been utilised, then we will pay tax in the normal way as we comply with all the laws of the lands that we operate in."

It came as the British company reported a rise in statutory profit before tax for the year to the end of September 30 to £201m, compared with £144m the previous year.

The underlying performance of the business - when one-off items are not included - also performed well, with pre-tax profit up 8% to £390m.

Bookings were up across Britain, Germany and Nordic countries, but fell 28% in France as the company reduced capacity in the country.

Mr Long described the year as "one of many successes".

"We have delivered record Group profits while the UK achieved outstanding results both in terms of profit and margin all against a backdrop of continued economic uncertainty," he said.

"Our proven strategy continues to evolve and drive strong trading momentum throughout the group."

He added that, with the exception of France, trading for both winter 2012/13 and summer 2013 was encouraging.

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