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UK’s Draft Minimum Tax Legislation Will Have Gaps, Says Official

July 1, 2022, 5:07 PM

The UK’s draft legislation implementing a minimum tax as part of a global tax deal will not be fully comprehensive when its released in July, a UK tax official said Friday.

The draft will cover “as much as we can get done,” said Michael Hashemi of Her Majesty’s Revenue and Customs, emphasizing that it’s been a challenging timeline to put the legislation together. He was speaking at an event hosted by the Oxford University Centre for Business Taxation.

The full legislation is expected to be published in the 2022-2023 Finance Bill in December, Lizzie Arnold, who leads HMRC’s Pillar Two ...