UK Tax Office Clarifies How Minimum Tax Regime Will Hit Business (1)

The UK tax office has released a draft proposal for the tax treatment of several groups and entities that could fall under the UK’s version of the global minimum tax framework.

His Majesty’s Revenue and Customs released the first part of its full draft guidance on Thursday, with details on the scope of its minimum tax framework starting Dec. 31 and how it will administer its multinational and domestic top-up taxes.

The draft guidance confirms that non-profit organizations, qualifying non-profit subsidiaries, qualifying service entities, qualifying exempt income entities, government entities, international organizations, and pension funds are excluded.

The draft explains ...