HM Revenue & Customs published compliance guidelines for dealing with transfer pricing risks.
HM Revenue & Customs (HMRC) on September 10, 2024, published compliance guidelines for dealing with transfer pricing risks (GfC7).
The guidelines recommend that businesses identify one or more “UK risk leads”—senior finance, risk, or tax personnel—responsible for managing transfer pricing and reiterate the need for robust and up-to-date documentation, regularly reviewed by the UK risk leads and amended as necessary. The guidelines also stress effective implementation of a consistent transfer pricing policy, and there is a substantial annex on supporting business records and information with examples that HMRC would expect to see in relation to specific circumstances and areas of analysis.
Read a September 2024 report prepared by the KPMG member firm in the United Kingdom