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You could be forgiven for thinking there may have been a collective sigh amongst multinational tax departments when the latest installment of the UK’s implementation of the OECD’s Pillar Two project was published as part of the Spring Finance Bill 2023.

The Finance Bill included an updated draft of the UK’s Income Inclusion Rule (IIR) legislation, (first published in July 2022), as well as the first draft of legislation for a UK domestic top-up tax (DTT).

Read more in our article on what an additional set of rules in the form of a domestic top-up tax (DTT) will mean for your business.