Question to the HM Treasury:

To ask Her Majesty's Government whether parliamentary approval will be required for a future increase in the world minimum rate of corporation tax under Pillar 2 of the framework on Base Erosion and Profit Shifting.

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.