Wai Yin Wan
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UK Tax Authority Will Transform Transfer Pricing Risk Assessment
M Macfarlanes LLP More Macfarlanes is a pre-eminent law firm advising a global client base across Private Capital, Private Wealth, M&A and Disputes. We are large enough to handle the most complex and demanding mandates yet focused enough to remain agile and responsive. Our size enables us to know each other well, collaborate seamlessly and adapt quickly to our clients’ evolving needs. Our independence shapes the way we work.
UK Tax Authority Will Transform Transfer Pricing Risk Assessment
The UK released its latest consultation document on the International Controlled Transactions Schedule, or ICTS, on June 16. This new annual filing requirement will transform transfer pricing risk assessments for both the UK tax authority, HM Revenue & Customs, and taxpayers, shifting from a documentation-focused process to a data-driven one. The ICTS, coupled with ever more powerful AI and data-analytic tools, represents a fundamental shift in HMRC’s approach to risk assessment.
UK Tax Authority Will Transform Transfer Pricing Risk Assessment Original
The UK released its latest consultation document on the International Controlled Transactions Schedule, or ICTS, on June 16. This new annual filing requirement will transform transfer pricing risk assessments for both the UK tax authority, HM Revenue & Customs, and taxpayers, shifting from a documentation-focused process to a data-driven one. The ICTS, coupled with ever more powerful AI and data-analytic tools, represents a fundamental shift in HMRC’s approach to risk assessment.
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