Notifications can be managed in browser preferences.Jump to contentIndependentSwipe for next articleIndependent Bulletin homepageDownload our appAllNewsSportCultureLifestyleHenry Saker-ClarkFriday 10 July 2026 08:34 BSTHMRC confirmed the decision (Reuters)Britain is poised to lose approximately £600 million in tax revenue each year due to a deal granting the United States an exemption from a global minimum tax commitment.HMRC confirmed this anticipated reduction during scrutiny by Parliament’s Public Accounts Committee (PAC), which is examining tax payments made by major multinational firms in the UK.The landmark international agreement, finalised in January by nearly 150 countries, aimed to establish a 15% global minimum tax to prevent large companies from shifting profits to lower-tax jurisdictions.The PAC warned that HMRC must significantly improve its efforts to tackle the considerable risk of global companies diverting their profits overseas and shifting tax jurisdictions.Nicole Newbury, HMRC's director of large business compliance, stated that the US exemption from the Pillar 2 tax rule will reduce the UK’s expected tax income from the deal to £1.6 billion a year.In fullUK to miss out on £600m a year after allowing US exemption from landmark tax dealMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in