Netflix reports £1.4bn revenue last year from UK subscribers

US streaming service behind The Crown and Stranger Things also pays record corporation tax of nearly 7m

Netflix, the US streaming service with hits including The Crown and Stranger Things, has revealed its annual revenue from UK subscribers for the first time - 1.4bn in 2021 - after changing its accounting practices in a move that also resulted in a big increase in its corporation tax payment to nearly 7m.

Netflix's main UK business reported a 1,630% increase in revenues last year, up from just 79m in 2020, after abandoning the widely criticised practice of funnelling British income through other lower-tax European jurisdictions that is commonly utilised by Silicon Valley companies.