UK Tax Authority to Issue Guidance on Global Minimum Tax Revenue

The UK tax authority will release guidance this year to clarify what revenues of multinational firms would fall under the country’s global minimum tax regime.

“We intend to provide further HMRC guidance in the coming months, which will provide further clarity on the meaning of revenue for the threshold test,” His Majesty’s Revenue and Customs said in a webinar Wednesday.

HMRC was responding in writing to a question from a webinar participant who asked whether ancillary interest income, which isn’t generated from a company’s core activity, would fall within the revenue threshold of the new rules.

The 15% global ...