Apple to appeal EC ruling, confident it will be overturned

Apple has vowed to overturn a record €13bn bill after European chiefs found it had a sweetheart tax deal in Ireland.

In a landmark ruling following a three-year investigation, competition commissioner Margrethe Vestager said the maker of iPads and iPhones paid just 1% tax on its European profits in 2003 and 0.005% in 2014.

The Brussels watchdog found the arrangements dating to the early 1990s were illegal under state aid rules and gave Apple favourable treatment over other businesses. Ms Vestager said Apple was paying €50 in tax on every €1m of profit it made in 2014.