Biden corporate tax plan could earn EU and UK billions, study shows

EU forecast to reap extra 50bn per year with UK expected to gain 200m from BP alone

A proposal to be tabled by the US president, Joe Biden, at the upcoming G7 meeting for a 15% global corporate tax rate could reap the EU 50bn (43bn) a year, and earn the UK nearly 200m extra alone from the British multinational BP, according to research.

Should the tax rate be set higher at 25%, the lowest current rate within the seven largest world economies, the EU would earn nearly 170bn extra a year - more than 50% of current corporate tax revenue and 12% of total health spending in the bloc.