UK to Miss Out on £600m a Year After Allowing US Exemption from Landmark Tax Deal The recent landmark global tax deal has been hailed as a victory for international cooperation, but its implementation is already revealing uncomfortable truths about the special relationship between the US and UK.
Specifically, London's willingness to grant Washington an exemption from Pillar 2 of the deal will cost British taxpayers at least £600 million per annum.
This figure, confirmed by HMRC officials during scrutiny by Parliament's Public Accounts Committee (PAC), is not a footnote in the grand narrative of international tax reform.