UK HMRC Consulting on Draft Guidance for Pillar 2 Global Minimum Tax Rules

UK HMRC has launched a public consultation on draft guidance for the Pillar 2 global minimum tax rules. As previously reported, the UK is implementing Pillar 2 rules as part of the Spring Finance Bill 2023, including:

• A multinational top-up tax that will require large UK headquartered multinational groups to pay a top-up tax where their operations in a foreign jurisdiction have an effective tax rate of less than 15%, which would also apply to non-UK headquartered groups with UK members tha…