Transfer pricing documentation

On Tax Day the government published a consultation on Transfer pricing documentation. 

This was announced as ‘a consultation on whether to update the requirements for businesses to maintain transfer pricing documentation. The consultation will examine whether businesses in scope of country-by-country reporting should be required to maintain a master file and local file, and whether all businesses within the scope of UK transfer pricing legislation should be required to report specific information on cross border transactions with connected parties.’

The CIOT will be responding to this consultation and we would welcome any thoughts or comments on the proposed changes in the consultation document. Please send these to [email protected] by 30 April 2021.