Corporation Tax

(asked on 21st June 2021) - View Source

Question to the HM Treasury:

To ask Her Majesty's Government what assessment they have made of the impact of the Organisation for Economic Co-operation and Development's proposal for a global minimum corporation tax on the ability of the UK Government to adjust its domestic taxation policy.


Answered by
Lord Agnew of Oulton Portrait
Lord Agnew of Oulton
This question was answered on 29th June 2021

It is a UK priority to reach a comprehensive two-pillar solution addressing the tax challenges of digitisation.

The details of a final agreement, including on the exact framework for implementation, are still subject to international negotiation.

If a political agreement is reached and both pillars are implemented in the UK, they will be subject to the normal tax policymaking process. That would include legislation in the relevant Finance Bill, with impacts then being formally assessed and set out in a Tax Information and Impact Note upon the introduction of the legislation.

Any significant subsequent changes to that legislation would likewise be made through a future Finance Bill.

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