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Statement of practice: Transfer pricing, mutual agreement procedure and arbitration

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HMRC Statement of Practice SP1/11 sets out the UK’s practice in relation to methods for reducing or preventing double taxation, and supersedes the guidance in HMRC Tax Bulletins 25 and 31 (published in 1996 and 1997).

SP3/99, dealing with advance pricing agreements (APAs), was updated last December and published as SP2/10, ‘to provide more transparency about the APA process to businesses and advisers’ and to cover legislative changes since 1999.

A new guide to statements of practice includes an index and full text of all statements issued up to 15 February 2011.