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Two weeks to 18 September 2020

Welcome to our latest update on recent developments in international and treasury tax of interest to multinationals operating in the UK.

Responding to the business impacts of COVID-19
Visit our global crisis centre webpage and our COVID-19 hub on TheSuite continue to keep up to date with developments on this topic.  Of particular relevance to multinational companies operating in the UK, navigate the global tax, legal and economic measures in response to COVID-19 by territory here. In relation to the UK:

The Profit Diversion Compliance Facility - HMRC’s approach to mitigating profit diversion in the UK
The Profit Diversion Compliance Facility (‘PDCF’) opened in January 2019 to encourage businesses, not already under enquiry, to review their transfer pricing positions and produce a disclosure report and proposal to address any high-risk positions taken. HMRC is now focusing more resource on transactions and structures they see as diverting profits from the UK to low-taxed jurisdictions. Read more in our flyer.

HMT: UK-Switzerland Financial Dialogue 2020: joint communiqué
Senior Treasury officials met with their counterparts from the State Secretariat for International Finance to discuss how to deepen cooperation and exchange views on financial market developments. Read more in this HM Treasury announcement.