To ask Mr Chancellor of the Exchequer, how many notifications under section 92 of the Finance Act 2015 were received by HM Revenue and Customs during the period from 1 April 2015 to 31 December 2015.
Answered on
29 February 2016
The Diverted Profits Tax is designed to counter contrived tax arrangements used by some multinationals to shift their profits to other countries. It is deliberately set at a higher rate than corporation tax, so it acts as a deterrent and encourages more companies to pay corporation tax.
No notices under section 93 Finance Act 2015 were issued during the period 1 April 2015 to 31 December 2015 but HM Revenue and Customs (HMRC) received notifications from eleven companies under section 92 in relation to section 86 Finance Act 2015.
For companies with accounting periods ending on or before 31 March 2016 the notification period is six months from the end of that period. HMRC is not able to disclose details of notifications relating to sections 80 and 81 of the Finance Act 2015 due to its duty to protect taxpayer confidentiality.