It's a fraction of the billions the biggest web giants make worldwide. The Chancellor announced the new tax in his 2018 Budget speech today. He insisted the tax would "be carefully designed to ensure it is established tech giants – rather than our tech start-ups - that shoulder the burden of this new tax." Hammond said he'd been working with other countries to come to an agreement on an international digital tax. And it would take effect in April 2020, unless the OECD comes up with a better idea before then.

Source: Daily Mirror October 29, 2018 16:29 UTC