HMRC collects £70m in unpaid tax after profit shifting probe

Multinationals have been using HMRC disclosure facilities more than in the past, paying £70m in unpaid tax after diverting profits overseas to reduce tax bills

HMRC has collected more than £70m in extra tax in the 2022-23 tax year as more multinational businesses admitted profit shifting.

The tax authority also opened 147 new investigations in the 2022-23 tax year into business use of transfer pricing. The 18% rise in activity came as HMRC ramped up investigation activity after a slowdown during the pandemic years when HMRC only opened 105 probes into corporations in 2020-21, showed analysis from law firm Pinsent Mason.

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