Palantir Paid Only £2.1 Million UK Corporation Tax in 2024

A report by the Centre for International Corporate Tax Accountability and Research, commissioned by the trade union Unison, reveals that Palantir Technologies paid £2.1 million in UK corporation tax in 2024. This figure stands in contrast to the company's £247 million in UK revenues and its approximately £670 million in government contracts, which include a £240 million agreement with the Ministry of Defence.

The report alleges that Palantir utilizes share options and transfer pricing to shift European profits to its US parent company, resulting in a global effective tax rate of just 1.4%. Andrea Egan, General Secretary of Unison, criticized the systems that allow tech giants to avoid taxes on an industrial scale, arguing that firms providing public services should not deprive the state of necessary cash.

Palantir defended its tax strategy, asserting that it complies with all tax regimes. The company stated that transfer pricing is a standard practice for large multinational corporations and noted that it paid $148 million in UK employment taxes during the previous year.