This article explores the German rules for the profit allocation for permanent establishments in the context of the increase in risk transfer transactions of banking enterprises in preparation for the Brexit. It shows that risk transfers were explicitly permitted under the OECD profit allocation publications from 2010. In light of the fact that the national legislation in Germany makes explicit reference to the desire of the legislators to implement this supranational guidance into German law, the detailed analysis in this article shows that German profit allocation rules permit risk transfers between permanent establishments as a dealing.