The UK tax authority, His Majesty’s Revenue and Customs (HMRC) published Agent Update Issue 129 on 19 March 2025, revising technical updates and key reminders for tax professionals.
The first liabilities under the United Kingdom’s implementation of the Pillar Two taxes (the multinational and domestic top-up taxes) will be due in mid-2026. In the guidance HMRC announced that starting from 31 March 2025 it will contact companies potentially subject to these taxes via post or email.
Multinational companies must submit a report to HMRC, even if they have no tax liability.
Earlier, HMRC released guidance on how and when to pay the Pillar Two top-up taxes, covering both domestic top-up tax and multinational top-up tax, on 20 November 2024.
