The Transfer Pricing Records Regulations 2023
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Change 1
6 Information that may be excluded from the Local File
(1) A relevant person does not have to include information in the Local File in respect of a controlled transaction where, at any time during the relevant tax period, the specified person and the other affected person are each— (a) a company resident in the United Kingdom for tax purposes, (b) trustees of a trust where the trustees are resident in the United Kingdom for tax purposes in accordance with section 475 of the Income Tax Act 2007, or (c) partners in a partnership where all of the partners are resident in the United Kingdom for tax purposes. (2) Paragraph (1) does not apply if— (a) the specified person and the other affected person are members of the same MNE Group, and (b) in respect of the relevant period— (i) one or both of them has made an election under section 357A of the Corporation Tax Act 2010 (election for special treatment of profits from patents etc.), or (ii) one or both of them is carrying on a ring fence trade. (3) A relevant person does not have to include information in the Local File in respect of a controlled transaction where, during the relevant tax period, an advance pricing agreement made on or before 31st March 2023 has effect in relation to that transaction. (4) In this regulation— “advance pricing agreement” means an advance pricing agreement described in section 218 of TIOPA 2010; “the other affected person” has the meaning given in regulation 3(1)(a); “ring fence trade” in relation to— corporation tax, has the meaning given in section 277 of the Corporation Tax Act 2010 (oil activities); income tax, has the meaning given in section 225D of the Income Tax (Trading and Other Income) Act 2005 (oil activities).
6 Information that may be excluded from the Local File
(1) A relevant person does not have to include information in the Local File in respect of a controlled transaction where, at any time during the relevant tax period, the specified person and the other affected person are each— (a) a company resident in the United Kingdom for tax purposes, (b) trustees of a trust where the trustees are resident in the United Kingdom for tax purposes in accordance with section 475 of the Income Tax Act 2007, or (c) partners in a partnership where all of the partners are resident in the United Kingdom for tax purposes. (2) Paragraph (1) does not apply if— (a) the specified person and the other affected person are members of the same MNE Group, and (b) in respect of the relevant period— (i) one or both of them has made an election under section 357A of the Corporation Tax Act 2010 (election for special treatment of profits from patents etc.), or (ii) one or both of them is carrying on a ring fence trade. (3) A relevant person does not have to include information in the Local File in respect of a controlled transaction where, during the relevant tax period, an advance pricing agreement made on or before 31st March 2023 has effect in relation to that transaction. (4) In this regulation— “advance pricing agreement” means an advance pricing agreement described in section 218 of TIOPA 2010; “the other affected person” has the meaning given in regulation 3(1)(a); “ring fence trade” in relation to— corporation tax, has the meaning given in section 277 of the Corporation Tax Act 2010 (oil activities); income tax, has the meaning given in section 225D of the Income Tax (Trading and Other Income) Act 2005 (oil activities).
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