UK Government releases draft legislation on new multinational top-up tax

The UK Government has released draft legislation on implementing the Pillar Two Income Inclusion Rule in the UK through the new multinational top-up tax.

The Government is committed to enacting legislation which is consistent with the objective of the OECD GloBE Model Rules and believes that the structure presented in the Model Rules is the most effective way to achieve this.

The Income Inclusion Rule is expected to apply to accounting periods commencing on or after 31 December 2023.

The Draft Legi…