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Regulation 1 Citation, commencement, effect and interpretation

Original text. Later amendments are not shown.

(1)

These Regulations may be cited as the Transfer Pricing Records Regulations 2023 and come into force on 9th August 2023.

(2)

These Regulations have effect—

(a)

for corporation tax purposes, in relation to accounting periods beginning on or after 1st April 2023;

(b)

for income tax purposes, in relation to the tax year 2024-25 and subsequent years.

(3)

In these Regulations—

  • “controlled transaction” has the meaning given in regulation 3;

  • “Local File” and “Master File” have the same meaning as they do in the transfer pricing guidelinesf1;

    “MNE Group” has the meaning given in regulation 2(3) of the Taxes (Base Erosion and Profit Shifting) (Country-by-Country Reporting) Regulations 2016f2;

  • “relevant person” has the meaning given in regulation 2(1);

  • “relevant tax period” has the meaning given in regulation 2(2);

  • “specified person” has the meaning given in regulation 3(2);

  • “TIOPA 2010” means the Taxation (International and Other Provisions) Act 2010f3;

  • “TMA 1970” means the Taxes Management Act 1970.

Annotations

Footnotes

f1

“Transfer pricing guidelines” has the meaning given in section 12B(5BA) of the Taxes Management Act 1970 and paragraph 21(5AA) of Schedule 18 to the Finance Act 1998.

f2

S.I. 2016/237, amended by S.I. 2017/497.

f3

2010 c. 8.