In this paper we analyse the global distribution of profits declared by MNEs operating in the UK using the Orbis database. Our investigations cover the period 2007-2017 and focus on entities reporting non-consolidated accounts and belonging to corporate Global Ultimate Owners active worldwide. Our analyses suggest that, compared to actual declared profits, profits distributed according to a simple apportionment rule based on companies’ revenues shares within each MNE group would look quite different. For example, MNEs operating in the UK reported in 2017 41 billion GBP (representing about 1.91% of UK GDP) more than what they would have reported based on our apportionment rule. We document this and other findings and while also digging deeper in terms of industry patterns and providing a number of robustness checks.