Tui paid no corporation tax despite record profits Britain's biggest travel company today revealed it paid no UK corporation tax last year despite posting record annual profits. Thomson and First Choice parent company Tui Travel said it had been a year of "many successes," with UK underlying earnings jumping 32 per cent to £197 million in the year to 30 September. But its UK corporation tax bill was zero as a result of losses incurred following a restructuring launched five years ago. It said it would start paying tax again once those losses have been carried forward and that it was paying the "right amount of corporation tax" in the countries in which it operates. Details of its tax payments come amid an escalating row after it was recently revealed that Amazon, Google and Starbucks have been using legal schemes to pay little tax in the UK. Tui said it was "fully compliant with UK tax law," adding that it expects to pay small amounts of UK corporation tax in 2013-14, with significantly larger amounts in later years as brought forward losses are eliminated. UK holidaymakers looking to escape to the sun after this year's dismal summer resulted in a surge in Tui's bookings for next summer, up 12 per cent. The group said its "unique" holidays - including Couples, Sensatori and SplashWorld - were already up 18 per cent for summer 2013, accounting for 83 per cent of bookings. Chief executive Peter Long said: "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." For the group as a whole, underlying pre-tax profits rose 8 per cent to £390m, despite a 2 per cent dip in revenues to £14.5 billion. The board proposed a final dividend of 8.3p per share, up from 8p last time, giving shareholders a total payout for the year of 11.7p.