The HM Revenue and Customs published a consultation documentation and it reflects the intent of the UK government to start focusing more on transfer pricing.
At a high level, the intended changes once implemented would require taxpayers to provide more information on a timely basis in a standardised format.
UK taxpayers will also be expected to maintain an ‘Evidence Log’ and an ‘International Dealings Schedule’. The consultation documentation in its existing form is targeted towards MNEs which fall within the country-by-country reporting obligations, but the scheme may well be rolled up to include other MNEs in the future.
Download our summary of the key points from the consultation paper by clicking on the image below.
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If you would like some advice about your transfer pricing strategy, please get in touch with a member of the tax team from your local MHA firm using our online enquiry form
