Taxation (International and Other Provisions) Act 2010 section 169

Giving of transfer pricing notices

Section 169 sets out the rules governing how and when HMRC may issue a transfer pricing notice to a person, including what the notice may cover and the procedural requirements that must be met.

• A transfer pricing notice can relate to specific provisions named in the notice, or to all provisions where the arm's length assumption would otherwise need to be applied to the person's profit and loss calculations
• HMRC can only issue the notice after a formal enquiry into the person's tax return for the relevant chargeable period has already been opened
• The notice must identify the specific HMRC officer to whom any appeal against the notice should be directed
• A "notice of enquiry" means a notice issued under the relevant provisions of the Taxes Management Act 1970 (for income tax and capital gains tax) or the Finance Act 1998 (for corporation tax)