HM Revenue & Customs has announced a Profit Diversion Compliance Facility (PDCF), allowing multinational enterprises to disclose their use of cross-border arrangements to artificially reduce their UK profits, including arrangements targeted by the diverted profits tax (DPT) legislation.
HMRC will also be issuing warning letters to certain businesses assessed as high risk, advising them to use the PDCF and consider registering for the Compliance Facility if they have outstanding liabilities for diverted profits.
