As the United States details tax reform that could affect Apple’s overseas business, the UK is doing just the same. As reported by Business Insider, UK Chancellor Philip Hammond has announced a series of changes in an effort to curtail the efforts of tech companies trying to minimize their tax bills…

Hammond announced today that the government will start taxing royalties held in offshore accounts next year. He explained that the efforts come as the tax system changes due to the “digital age.”

Hammond points to multinational companies who shift money to countries that essentially act as tax havens, including money that relates to UK sales. Because of efforts by those companies, Hammond says the UK government will begin applying income tax to any royalties that relate to UK sales

Meanwhile, a proposal by House Republicans in the United States would see Apple pay taxes on profits accumulated overseas. Earnings currently held in cash would be taxed at 12 percent, while future profits would be allowed to be brought back tax-free.

Source: 9to5mac