To ask the Chancellor of the Exchequer, what assessment he has made of the potential effect of the proposed minimum global corporation tax rate on (a) the UK economy and (b) other European economies that the UK has trading links with.
17 June 2021
The Government is delighted that the G7 has come together to back the proposals developed by the OECD to reform the international tax framework.
Reaching final agreement, with the G20 and OECD Inclusive Framework, on a two-pillar solution which reallocates taxing rights and introduces a global minimum tax would be a major multilateral achievement and introduce greater stability into the international tax landscape.
The details of a final agreement are still subject to international negotiation, and it would not be appropriate to provide a detailed impact assessment.
If a political agreement is reached and both pillars are implemented in the UK, they would be subject to standard tax policymaking process, with their impacts formally assessed through the OBR forecast process.