The UK is coming for Amazon

Digital giants like Amazon, Google and Netflix will pay taxes on UK-generated revenues, Hammond says.

  • Tax will be only on profitable companies with global revenues of at least GBP500 million
  • It's not fair that digital businesses can generate substantial UK revenue without playing the equivalent tax
  • Online services pose real challenge to sustainability and fairness of UK tax system
  • If global solution emerges we will consider replacing tax
  • Tax will come into effect in April 2020 and will raise over GBP400 million per year

That's not helping sentiment in tech stocks. The thing is, the UK could be the first of many countries to unveil something like this.