Inquiry into the implementation of the Wales Act 2014 and operation of the Fiscal Framework

6 Oct 2020

The PDCF was launched in January 2019 and remains open and available to all multinational enterprises (MNEs). The facility is part of HMRC‚ s drive to tackle profit diversion by MNEs. HMRC is running a programme of identifying and writing to specific MNEs they believe could be diverting profits away from the UK. This programme paused due to COVID-19 in the first part of the year, but has re-started with a batch of letters sent out in September 2020 and a further batch expected before the end of the year.