UK to miss out on £600m in tax due to US exemption, says HMRC

The Public Accounts Committee is examining tax paid by major multinational firms in the UK (Andrew Milligan/PA) - (PA Archive)

The UK is set to miss out on around £600 million in tax each year following a deal allowing the US to be exempt from a global tax commitment, according to HMRC figures.

It confirmed the expected tax reduction as part of scrutiny by Parliament’s Public Accounts Committee (PAC) into tax paid by major multinational firms in the UK.