Draft clauses for next year's Finance Bill have been published. Our commentary and analysis will be available on this page shortly.
Read KPMG’s Finance Bill 2015 Draft Clauses Commentary which includes some of the detail behind the key measures announced.
Commenting on legislation in today’s draft Finance Bill giving further details on the Chancellor’s measure to charge a new 25 percent rate on multinational companies’ profits ‘artificially diverted’ from the UK, Chris Morgan, head of tax policy at KPMG in the UK, said:
“Diverted profits are like the proverbial elephant; you know it when you see it but it’s difficult to define. Today’s draft legislation is a 70 page plus document that attempts to define this ‘elephant’ as it were. In reality what is actually a fairly narrow measure by the Chancellor, the Diverted Profits Tax has two broadly defined aims."
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.