Court Lets HMRC Fix Pleading in Barclays Transfer Pricing Case

The UK’s tax authority can amend their statement of case issued in response to a Barclays’ appeal against a partial closure notice, a UK court ruled.

In a pre-trial hearing dated Jan. 9 but published Tuesday, the First-Tier Tribunal allowed His Majesty’s Revenue and Customs’ adjustments in response to an appeal by Barclays Bank PLC issued against a notice challenging transfer pricing transactions.

Transfer pricing is the provision of services between two companies owned by the same parent company.

The case centers on investments made by Barclays in the U.S. repo market in 2008, and their subsequent securitization.