In March this year, HM Revenue & Customs (HMRC) opened a consultation on the U.K.’s transfer pricing documentation requirements. The consultation seeks input for updating the U.K.’s transfer pricing documentation requirements and requests possible options and design ideas that could benefit U.K. business and HMRC.
The consultation period is relatively short, running for ten weeks with a deadline of 1 June 2021, and it is considered that the proposed changes will be drafted and enacted at a relatively quick pace.
We have compiled a short summary of what you need to know, why it is important, and how it may impact you.
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