Question to the HM Treasury:

To ask Her Majesty's Government what discussions they have had, if any, with the UK insurance sector regarding the impact of timing differences arising from Pillar 2 of the Organisation for Economic Co-operation and Development BEPS Framework.

OECD discussions on addressing the tax challenges of digitalisation have been ongoing for a number of years, with the detailed frameworks for Pillars One and Two having been under development since 2019.

Over the course of that time the OECD has conducted multiple public consultations on the proposals and had extensive engagement with businesses across sectors to take their views on board.

UK government officials are also engaged with many sectors regarding the potential impact of both pillars, including with the insurance sector on the specific issue of timing differences under Pillar 2.