HMRC claimed that US companies alone underpaid £5.6bn in UK tax in 2022-23, up 14% on £4.9bn the previous year. US companies account for 48.6% of the suspected underpaid tax from all foreign companies operating in the UK, up from 45.2% in the previous year.

The next three countries on the list were Switzerland, France and Germany, with companies from those jurisdictions between them owing around £2.5bn. Switzerland was ranked second, with an estimated underpayment of £1.2bn, up from £773m the previous year. Both German and French businesses had reduced their exposure to unpaid tax, down to £685m and £606m respectively.

Ireland (£535m) and Netherlands (£458m) were also on the list while further afield, Japanese companies underpaid £319m.