UK publishes draft legislation on new transfer pricing documentation requirements

The UK Government has published draft legislation on the new UK transfer pricing documentation requirements, which will apply to large businesses (groups with turnover above €750m). These requirements align with the OECD’s Transfer Pricing Guidelines.

The changes will apply for accounting periods beginning on or after 1 April 2023.

Further details are to be published as to how the changes will apply in practice, such as the specifics of the information required to be included in the new “Summary A…