UK to miss out on £600m in tax due to US exemption, says HMRC

The UK is set to lose £600m per year in tax revenue because the US is exempt from a landmark global tax agreement. Nearly 150 countries previously agreed to a 15% global minimum tax to prevent large multinational firms from shifting profits to low-tax jurisdictions. HMRC confirmed this expected reduction during scrutiny by Parliament’s Public Accounts Committee, which is currently investigating the amount of tax paid by major global companies within the UK.