The Next UK Budget Could Introduce the 25 Per Cent "Google Tax"

By Gerald Lynch on at

The long-rumoured UK "Google Tax" could be introduced as part of the next budget, as Chancellor George Osborne prepares his financial offensive ahead of the UK general election in May.

The Chancellor has proposed a levy of 25 per cent tax on tech companies' profits earned from UK channels, in an attempt to crackdown on profits being diverted to offshore accounting loopholes. Applied to companies with annual revenues of £250 million, it's a far higher rate than the 20 per cent standard corporation tax, and could be brought into effect as early as next month. [Sunday Times (paywall)]