She added: "The way multinational companies are taxed has been debated for many years and the international tax system is changing as a result. This settlement reflects that shift and is in line with recent OECD guidance."
The issue of how much UK tax multinational firms like Google, Amazon and Facebook pay in the UK has hit the headlines in recent years, with HMRC indicating back in October 2013 that it was looking into Google's accounts.
In March's Budget Chancellor George Osborne announced the introduction in April of a so-called "Google tax" targeting firms that move their profits overseas.
The "diverted profits tax" is designed to discourage large companies from taking earnings out of the UK to avoid tax.
An HMRC spokesman said: "The successful conclusion of HMRC inquiries has secured a substantial result, which means that Google will pay the full tax due in law on profits that belong in the UK. Multinational companies must pay the tax that is due and we do not accept less."
