United Kingdom: Implemented United Kingdom Implementation of Pillar Two in Finance (No. 2) Bill
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Description
Implemented United Kingdom Implementation of Pillar Two in Finance (No. 2) Bill
On 31 December 2023, the UK implementation of the top-up tax envisioned by Pillar 2 of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) included in the Finance (No. 2) Bill began to apply to covered enterprise groups. As agreed in the Inclusive Framework, the tax will apply to parent members of a multinational enterprise group if a subsidiary located in another jurisdiction is taxed at below 15%.
Original sourceScope
Policy Area
Taxation
Policy Instrument
Direct taxes including Digital Service Taxes
Regulated Economic Activity
cross-cutting
Implementation Level
national
Government Branch
legislature
Government Body
parliament
Complete timeline of this policy change
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2022-07-20
in consultation
2023-03-21
under deliberation
2023-06-20
under deliberation
2023-07-04
adopted