UK to Lose £700 Million Annually from Revised Minimum Tax Deal

Exemptions for US multinationals from parts of the global minimum tax deal and additional tax reliefs under the framework will cost the UK government roughly £700 million ($932 million) a year, according to official forecasts.

The global minimum tax framework is now expected to raise an average of £1.6 billion annually through 2030–31 — £1.2 billion less per year than previously forecast, the Office for Budget Responsibility said Tuesday in its latest economic and fiscal outlook report.

The report accompanied UK Chancellor Rachel Reeves’ Spring Statement to Parliament.

The global minimum tax, ...