Paypal has agreed to pay an additional £3.1 million in tax following an HMRC review. In its latest filed accounts a statement says: “HMRC has been reviewing the company’s direct tax position. As a consequence, the company has agreed and settled its outstanding liabilities and as a result, is not subject to any current enquiries.”
Chancellor Philip Hammond has raised the prospect of introducing a new tax for large-scale technology businesses which are frequently criticised for moving sales out of the UK and through other countries thereby paying minimal amounts of tax in the UK. At the Conservative Party Conference, he said: “The time for talking is coming to an end. The stalling has to stop. If we cannot reach agreement (via the OECD) the UK will go it alone with a ‘Digital Services Tax’ of its own.”
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