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Tax on the diverted profits dubbed the new 'Google tax'

The government has published draft tax legislation to implement the new tax on diverted profits which has been referred to as the 'Google tax'. The introduction of a new Diverted Profits Tax which was announced in the 2014 Autumn Statement will target multinational enterprises with business activities in the UK who 'enter into contrived arrangements to divert profits from the UK by avoiding a UK taxable presence and/or by other contrived arrangements between connected entities'.

The Diverted Profits Tax will be applied using a rate of 25% from 1 April 2015 and is expected to raise £1.4bn over the course of the next five years.

Commenting on the new measure, John Cridland, Director General of the CBI said:

'International tax rules are in urgent need of updating but there is already an OECD process underway to do this. It is unfortunate that the UK has decided to go it alone with a Diverted Profits Tax outside this process, which will be a real concern for global businesses.'

'The legislation will be complex to apply, and if other countries follow suit businesses will have a patchwork of uncoordinated unilateral rules to navigate, which risks undermining the whole OECD approach.'

Internet link: CBI News

06 Nov 2018

Budget 2018

The Chancellor Philip Hammond presented his second Autumn Budget on Monday 29 October 2018.

06 Nov 2018

Personal tax changes - allowance and basic rate band increases

At the Budget, the Chancellor announced that increases to the personal allowance and basic rate band for 2019/20.

06 Nov 2018

Capital allowances changes

A number of changes to capital allowances were announced at the Budget.