Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make it his policy to ensure that (a) multinational and (b) domestic top-up taxes set out in the Spring Budget 2023 apply to (a) P&O Ferries Ltd and (ii) other UK subsidiaries of DP World.

The Pillar 2 rules have been globally agreed and will apply to multinational and domestic companies with an annual consolidated revenue of €750 million or more. The UK is legislating Pillar 2 in the Spring Finance Bill, with implementation from accounting periods beginning on or after 31 December 2023.

The detailed application of the rules is set out in this legislation and is consistent with the internationally agreed rules.