Amendments to the UK’s existing Pillar Two rules

The UK Government has introduced legislation which includes the Undertaxed Profits Rule (UTPR) and anti-arbitrage rules for transitional country-by-country reporting safe harbours.

The Finance Bill 2024-25 introduces various amendments to the United Kingdom’s (UK) existing Pillar Two rules, as contained in Finance (No.2) Act 2023. In particular, Schedule 4 of the Finance Bill seeks to: introduce the Undertaxed Profits Rule (UTPR) legislation into UK domestic law; introduce the anti-arbitrage rules in respect of the transitional country-by-country reporting (CbCR) safe harbours; and make other proposed amendments to ensure that the UK legislation ...

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Authors: Kashif Javed

Published Date: 22 November 2024