Britain and the rest of the world's largest nations are on the verge of agreeing to the biggest global tax reforms for a century, the UK's Daily Mail is reporting today (28 May).

An agreement from the G7 group of nations - which also includes the US, Japan and Germany - could be reached as early as 4 June when finance ministers meet in London.

The rate of corporation tax in the UK is 19% but this is set to rise to 25% by 2023. The countries are also expected to agree to keep business tax rates above 15%.

The deal will force companies to pay tax in the countries where their consumers spend their money, rather than shift them overseas, with some claiming the changes could shift £70bn of tax globally.