UK Expects £2.3 Billion Annually from 15% Global Minimum Tax

A 15% minimum corporate tax rate is expected to raise £2.3 billion ($2.7 billion) annually within five years, HM Treasury said Thursday.

The minimum tax, part of a broader global deal to overhaul the world’s tax rules, would apply to accounting periods beginning on or before Dec. 31, 2023, according to Treasury’s Autumn Statement.

• The minimum tax proposal—Pillar Two of the global deal—would include an income inclusion rule. It would “require large UK headquartered multinational groups to pay a top-up tax where their foreign operations have an effective tax rate of less than 15%,” according to the statement. ...