Taxation (International and Other Provisions) Act 2010 Schedule 8 Part 2

Transfer pricing and advance pricing agreements (paragraphs 106–150)

Schedule 8 Part 2 makes consequential amendments to numerous existing tax statutes, updating cross-references so that they point to the new transfer pricing and advance pricing agreement provisions in TIOPA 2010 rather than the older legislation they replace.

• References across multiple tax Acts to the old transfer pricing rules in Schedule 28AA to ICTA 1988 are replaced with references to Part 4 of TIOPA 2010.
• The old advance pricing agreement provisions in sections 85 to 87 of Finance Act 1999 and the introductory section 770A of ICTA 1988 are repealed, as their content has been rewritten into TIOPA 2010.
• Amendments are made to the Taxes Management Act 1970, ITTOIA 2005, CTA 2009, and various Finance Acts to ensure that enquiry powers, penalty provisions, tonnage tax rules, loan relationship rules, derivative contract rules, and intangible fixed asset rules all refer correctly to the new TIOPA 2010 provisions.
• Where the old legislation used a single condition referencing Schedule 28AA, the amended provisions now set out the equivalent conditions by reference to specific TIOPA 2010 sections (such as sections 147, 148, 149, 151, 172, and 173), ensuring the same substantive tests continue to apply.

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