A new tax currently under consideration by the UK government could affect the offshore maritime sector if it enters force in April, Moore Stephens has warned.
Under the draft legislation published by the government last December, the new Diverted Profits Tax (DPT) could potentially apply to many UK companies transacting with overseas connected parties.
According to the draft, the DPT is intended to apply to large multinational enterprises with business activities in the UK who enter into “contrived” arrangements to divert profits from the UK by avoiding a UK-taxable permanent establishment or by other “contrived” arrangements between connected entities.
The
