On February 22, 2024, the UK enacted the 2024 Finance Act to domestically implement amendments provided in the OECD Administrative Guidance.

The Finance (No. 2) Act, 2023 received Royal Assent on July 11, 2023. As such the UK legislation to give effect to the Pillar Two GloBE rules is now enacted.

The Spring Finance Bill 2023 (Finance (No. 2) Bill) was published yesterday (March 23, 2023).  The Bill includes provisions to implement key aspects of the Pillar Two Global Minimum Tax for accounting periods beginning on or after 31 December 2023.

Following draft legislation issued in July 2022, the UK government confirmed in this week’s Autumn Statement that they will legislate to implement Pillar Two from 2024 including the UTPR and a QDMTT.