Vodafone avoids corporation tax, again.
Vodafone paid no UK corporation tax for a second year running in 2012.
However the company distributed £4.8bn in cash dividends to shareholders (more than any other British business) and
paid chief executive Vittorio Colao £11m in the last 12 months.
The firm made a £294m operating profit in Britain last year, but was able to transform that into a loss by claiming UK network investment and interest payments wiped out corporation tax liabilities for the year to April.
It said operating profits of £294m in 2012 were offset by interest payments of £300m on loans to buy 3G spectrum.
The company said it was committed to "integrity in all tax matters" and that it paid £882m in other UK taxes and contributions during the year and the UK contributed just 2.5% to its overall profits.
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