UK Adds New Safe Harbors to Global Minimum Tax Legislation

The United Kingdom announced amendments to legislation to include two safe harbors as part of its adoption of the global minimum tax rules.

The UK government on Wednesday revised the Parts and Schedules of Finance Act 2023, a measure that establishes the 15% global minimum tax. The global minimum tax is one part of a two-pillar global tax deal between the Organization for Economic Cooperation and Development and over 140 countries. The deal seeks to reallocate large multinational companies’ residual profits, a provision known as Pillar One, and the global minimum tax, known as Pillar ...