Netflix's main UK business reported a 1,630% increase in revenues last year, up from only £79.7m in 2020, after abandoning the widely criticized practice of funnelling British income through other lower-tax European jurisdictions, which is commonly used by tech companies.
The latest UK accounts are the first time that Netflix has not accounted for the £ibn-plus it makes annually from the monthly fees paid by British subscribers through separate accounts at its European headquarters in the Netherlands.
The move to reallocate all revenues from its 13.8 million UK subscribers to its British subsidiaries, in turn, fuelled an almost tripling of pre-tax profits from £10.6m to £27.9m at Netflix Services UK, the main entity the streaming company has registered at Companies House.
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Denne historien er fra October 11, 2022-utgaven av The Guardian.
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