Revelation comes as US company posted record $2.5bn profit in most recent quarter

Amazon has revealed that its UK corporation tax bill almost halved to just £4.5m last year, days after the US company posted a record profit of $2.5bn (£1.9bn) in its most recent quarter.

The company, which has been locked in a race with Apple and Alphabet to be the world’s first trillion-dollar business, revealed that pre-tax profits at its UK business tripled from £24m in 2016 to £72m last year.

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