UK: The Diverted Profits Tax - draft legislation published

Draft legislation was published yesterday in respect of the new Diverted Profits Tax (which has, in the UK, become quickly known as the 'Google Tax'): see here (pdf). The main objective of the new tax is described by the Government in these terms: to counteract contrived arrangements used by large groups (typically multinational enterprises) that result in the erosion of the UK tax base.

Update (12 December 2015) - further guidance has been published and is available here (pdf).