On 3 December 2014, U.K. Chancellor of the Exchequer George Osborne delivered the Autumn Statement 2014. One of the most important measures introduced is a Diverted Profits tax. The tax will apply at a rate of 25% on profits generated by multinationals from economic activity in the U.K. that is artificially shifted out of the country. The tax is to apply from 1 April 2015, and will be levied mainly on digital businesses. Other important measures introduced in the statement include: The R&D tax credit for small and medium-sized companies will be increased to 230% and to 11% for large...