Bloomberg Tax
March 16, 2023, 6:33 PM

UK Expects Gain of $618 Million From Global Minimum Tax In 2023-24

Danish Mehboob

A UK minimum tax is expected to draw more than £500 million ($618 million) in revenue during 2023-24, His Majesty’s Revenue and Customs said in a new policy report.

The 15% minimum rate, known as Pillar Two of the deal to overhaul global tax rules brokered by the Organization for Economic Co-operation and Development, would apply to groups with revenues of more than £750 million in at least two of the previous four accounting periods.

The latest budget estimates published Wednesday show that the largest tax revenue gain is in 2027-2028 at £2.18 billion.

  • HMRC estimates one-off activities—such as ...