UK to Delay Applying Minimum Tax Law Until End of 2023

The UK plans to begin applying global minimum tax rules at the end of 2023, rather than next spring, the government said Tuesday.

Pillar Two of the 2021 global tax deal lets countries top up companies’ taxes when they’re paying below a 15% effective minimum rate in other countries.

• Draft legislation to be published this summer will propose first applying the rules “to accounting periods beginning on or after 31 December 2023,” Lucy Frazer, the financial secretary of HM Treasury, wrote Tuesday. In a January consultation, the government had eyed an April 1, 2023 effective date.
• Respondents to ...