Section 46 | Unassessed transfer pricing profits

(1)Schedule 5 provides—

(a)for a power of His Majesty’s Revenue and Customs to assess “unassessed transfer pricing profits”,

(b)for those profits to be subject to a higher rate of corporation tax (rather than the main or any other rate), and

(c)for the abolition of diverted profits tax (which is superseded).

(2)The amendments made by that Schedule have effect in relation to accounting periods beginning on or after 1 January 2026.