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News - 27 February 2014

HMRC Taskforce: transfer pricing arrangements

In the last year, HMRC’s local compliance teams’ investigations of the transfer pricing arrangements of medium-sized firms has brought in a record breaking £235m of extra tax.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“This is the first time that HMRC’s local compliance teams have taken more tax from transfer pricing investigations than HMRC’s Large Business Service, which deals with the UK’s 770 largest businesses. This dramatic increase in the tax take from transfer pricing is ten times HMRC’s tax take from medium-sized businesses in 2007/08.”

 The success of HMRC’s local compliance teams means that investigations of medium-sized firms’ transfer pricing arrangements could intensify.  Many medium-sized businesses that use transfer pricing arrangements may have assumed that they will not face an investigation in this area as historically HMRC has pursued large multinationals.

Stuart Coleman continues:
“Transfer pricing concerns the charges made between different parts of a multinational business for goods, services or intangible assets such as intellectual property. This can affect corporation tax paid by businesses because of the impact transfer pricing has on the profits reported in different markets.”

If you looking for a more personal approach on a range of issues, including transfer pricing compliance contact us at ABDS.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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