43 Receipts from intellectual property: diverted profits tax
Finance Act 2016 (2016 c 24) | Legislation

43  Receipts from intellectual property: diverted profits tax

(1)     Part 3 of FA 2015 (diverted profits tax) is amended as follows.

(2)     In section 79 (charge to tax), at the end insert—

“(6)     But banking surcharge profits and notional banking surcharge profits, to the extent that they are determined by reference to notional PE profits (or what would have been notional PE profits) for an accounting period, do not include any amount which is (or would have been) included in notional PE profits for that period by virtue of section 88(5)(b).”

(3)     In section 88 (which relates to the calculation of taxable diverted profits), for subsection (5) substitute—

“(5)     Notional PE profits”, in relation to an accounting period, means an amount equal to the sum of—

(a)     the amount of profits (if any) which would have been the chargeable profits of the foreign company for that period, attributable (in accordance with sections 20 to 32 of CTA 2009) to the avoided PE, had the avoided PE been a permanent establishment in the United Kingdom through which the foreign company carried on the trade mentioned in section 86(1)(b), and

(b)

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