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HMRC's Take on Transfer Pricing
Shiv Mahalingham recently sat down with HMRC's new Head of Transfer Pricing to discuss current trends and pass on client concerns. Taxand UK recounts their conversation about those industries that are most affected, the challenges of litigation, and how the new format of tax returns is expected to raise visibility across industry margins.
Transfer pricing audits have increased over the past year, partly due to 2009 being a difficult financial year. However businesses should be aware of HMRC's strict stance on those seen to be engaging in aggressive tax planning and should be aware of potential litigation against them. They have also increased the number of transfer pricing specialists to help leverage existing resources and educate local inspectors on transfer pricing capabilites.Your Taxand contact for queries is:
T. +44 207 715 5234