UK Government releases draft legislation to implement Pillar Two

Businesses need to continue to consider Pillar Two as a priority workstream to ensure that the impacts are fully assessed, managed, and communicate, as outlined by Kashif Javed and Matthew Herrington.

The United Kingdom (UK) Government has released draft legislation and accompanying detailed explanatory notes to implement Pillar Two into the UK tax code. This follows the UK’s decision earlier this year to defer the implementation of Pillar Two until 2024. The publications also provide some detail on the UK’s pragmatic approach to coexistence of Pillar Two with the United States (US) Global Intangible Low-Taxed Income (GILTI) rules. The draft legislation is subject to technical consultat...

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Published Date: 21 July 2022