HMRC set to impose penalties for transfer pricing discrepancies

January 21 2009

Her Majesty’s Revenue & Customs (HMRC) is expected to change the penalties it imposes on erroneous transfer pricing documentation from April. It is thought that the minimum penalty applied will be 10% of the total tax lost to HMRC although the total penalty will depend on the severity of the error.

Unlock this content.

The content you are trying to view is exclusive to our subscribers.

To unlock this content:

Take a Free Trial or Login

Topics

more across site & shared bottom lb ros

More from across our site

Direct Tax

Indian High Court upholds ‘round tripping’ reassessment: expert analysis

A recent decision underlines that Indian courts are more willing to look beyond just legal compliance and examine whether foreign investment structures have real business substance

Sanjay Sanghvi, May 14 2025

Transfer Pricing

Canada’s new government could bow to US pillar two pressure

Following his Liberal Party’s election victory, one source expects Mark Carney to follow the international consensus on pillar two, as experts assess the new administration

Sam Sholli, May 13 2025

Direct Tax

Finnish government accused of unsubstantiated corporate tax claim

A German economics professor was reportedly ‘irritated’ by how the Finnish ministry of finance used his data

Sam Sholli, May 12 2025

Direct Tax

Global tax equity: confronting base erosion in the digital economy

Countries that care about the fair taxation of tech multinationals and equitable global distribution of wealth should back the UN’s tax framework, writes economist Abdelmalek Riad

Abdelmalek Riad, May 09 2025

Direct Tax

This week in tax: IRS has lost 11% of its workforce, report finds

The cuts disproportionately affected staff in certain positions, the report also found; in other news, MHA announced the €24m acquisition of Baker Tilly South East Europe

Sam Sholli, May 09 2025

Transfer Pricing

India sets APA resolution targets in 2025/26 action plan

The plan aims to improve the efficiency, transparency, and effectiveness of direct tax administration in India

Sam Sholli, May 08 2025

Direct Tax

Part of Eton College viewed from playing fields

This month in indirect tax: UK denies private school VAT breaches human rights law

Meanwhile, South Africa’s finance minister has accepted a court decision on suspending a VAT increase and US President Donald Trump mulls a 100% tariff on foreign films

Sam Sholli, May 07 2025

Direct Tax

Jaime Carey, president of the International Bar Association

IBA president: OECD’s two-pillar solution is ‘crucial’

Jaime Carey speaks about the benefits of his tax background, DEI values, the use of AI for a smarter legal practice, and other priorities that will define his presidency

Noemi Distefano, May 06 2025

Direct Tax