US multinationals underpaid £5.6bn in tax in UK last year, HMRC believes

Total of £11.5bn in missing tax from foreign companies is suspected for 2022-23, according to UHY Hacker Young

US multinationals underpaid £5.6bn in tax in the UK last year, HM Revenue & Customs believes, according to a national accountancy firm.

The suspected deficit is 14% higher than the figure from the previous year, and would mean US companies now make up nearly half of underpaid tax into British coffers from foreign companies.