Multinationals paid much less overall in U.K. fines for their transfer pricing arrangements in 2018-19 than in the previous year.
This amount, however, is still up sharply from fines Her Majesty’s Revenue and Customs collected two years ago.
Companies were hit with about 413,000 pounds ($502,000) in fines related to transfer pricing disputes in 2018-19, according to data obtained from the HMRC by LCN Legal Ltd. through a freedom of information request. Fines totaled about 961,000 pounds in 2017-18. The fines in 2016-17 totaled only 45,600 pounds.
The HMRC confirmed the data but declined to comment.