Section 105: Information and Inspection Powers Etc
Summary
1.This section amends other enactments to allow existing information and inspection powers to be used for the purposes of the diverted profits tax.
Details of the Section
2.Subsection (1) amends Schedule 23 to the Finance Act 2011 so that HMRC’s data-gathering powers applies to the diverted profits tax.
3.Subsection (2) amends Schedule 36 to the Finance Act 2008 so that HM Revenue & Customs (HMRC)’s information and inspection powers apply to the diverted profits tax.
Background Note
4.The diverted profits tax is a new charge on diverted profits. The main objective is to counteract contrived arrangements used by large groups (typically multinational enterprises) that result in the erosion of the UK tax base.
