HMRC proposes introduction of system for advance rulings and other changes | Practical Law
Following the review announced by Gordon Brown at Budget 2006 into the relationship between HMRC and large businesses, the consultative committee chaired by Sir David Varney has published its report. Key proposals put forward in the report include introducing a system of advance rulings for transactions, faster settling times for transfer pricing enquiries, speedier resolution of issues with HMRC and greater consultation with business to achieve earlier clarity and reduced complexity.