§ Mr. Craigenasked the Chancellor of the Exchequer what monitoring arrangements, if any, are employed by the Treasury over the transfer pricing practices of multinational companies operating in the United Kingdom.
§ Mr. Robert SheldonNone. Under Section 485 of the Income and Corporation Taxes Act 1970, the Inland Revenue has power to displace artificial international transfer prices for tax purposes and it checks whether action is needed under this section. In pursuance of its responsibilities under Section 23 of the Exchange Control Act 1947, Customs and Excise monitors under-invoicing of exports.