The UK's tax authority, HM Revenue and Customs, has announced the launch of a "radical" new approach to the way it deals with transfer pricing issues.
In an announcement on Wednesday, HMRC stated that transfer pricing specialists are now being appointed, and arrangements are being made to provide additional training to enhance their specialist skills.
"We are now launching a radical new technical specialism, that reaches across our operational, economic analysis and policy units, to deliver the approach," the department stated.
The new transfer pricing policy is the result of the Review of Links with Large Business, which identified transfer pricing enquiries as a major concern for large businesses. Draft guidance published in the public consultation document in June 2007 was essentially endorsed by those who responded, and has now been adopted.
HMRC says that plans for resolving transfer pricing enquiries within 18 or 36 months, depending on the complexity, are largely in place, while a new internal governance process will start to operate from January. This process aims to address issues around consistency of approach, allocation of resource to risk and wider departmental strategic objectives.
In April 2008, HMRC is also planning to publish statistics regarding the average time taken to resolve the transfer pricing enquiries that were settled in the three months from January to March 2008, and the average age of open enquiries at the end of that quarter.
"In November 2006 we committed to introducing a more efficient approach to transfer pricing enquiries, including guidance agreed with business, by December 2007," HMRC stated in the announcement.
"We have now delivered on that commitment, through the implementation of the first phase of our new approach," the department claimed.
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