Two weeks to 31 October 2019
Welcome to our latest update on recent developments in international and treasury tax of interest to multinationals operating in the UK.
The Profit Diversion Compliance Facility - what you need to know
The Profit Diversion Compliance Facility (‘PDCF’) opened in January 2019 to enable businesses, not already under enquiry, to disclose any profit-diverting arrangements and structures that might be caught by Diverted Profits Tax rules and to get their affairs up to date without an HMRC investigation. Find out what it means for you. Read more.
Offshore Receipts in respect of Intangible Property (ORIP) - technical amendments and revised guidance published
Following the conclusion of their consultation with affected businesses, advisory firms and representative bodies regarding the ORIP legislation, on 14 October HMRC published certain technical amendments to the legislation along with draft technical guidance. See here.