United Kingdom Lower House Considers Finance (No. 2) Bill 2023 – Bloomberg Tax

The United Kingdom House of Commons March 23 accepted for consideration Finance (No. 2) Bill 2023. The bill includes measures to: 1) set main, savings, and default individual income tax rates for 2023-24; 2) exempt savings income up to 5,000 British pounds (US$6,112); 3) set the corporate tax rate at 25 percent, and the standard small profits rate at 19 percent, for financial year 2024; 4) apply OECD Pillar 2 rules to qualifying multinational groups or their members, and introduce a Pillar 2 multinational top-up tax; 5) impose a 45 percent electricity generator levy on the excess profits of qualifying …
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