meta_id 3243734

On June 16, 2026, HM Revenue and Customs (HMRC) launched a technical consultation on the International Controlled Transactions Schedule (ICTS), a new reporting requirement for in-scope multinationals to disclose information about cross-border related party transactions to HMRC. The ICTS will enable HMRC to conduct automated, data-led risk assessment of transfer pricing arrangements, allowing the authority to identify transfer pricing risk more accurately, improve fairness in tax administration, and increase operational efficiency. The consultation seeks views on three key documents: draft regulations establishing the ICTS reporting requirement, a draft HMRC notice providing guidance on the schedule's application, and a draft template illustrating the format and information that multinationals must file annually. The ICTS will apply to multinational enterprises engaged in cross-border related party transactions within scope of the requirement. The reporting framework is designed to streamline HMRC's ability to assess transfer pricing compliance and identify potential risks through systematic data collection and analysis. By standardising the information multinationals provide about their international controlled transactions, the schedule will facilitate more consistent and efficient risk identification across HMRC's transfer pricing compliance function. The consultation materials are available in multiple formats, including accessible versions for users of assistive technology. Responses to the consultation must be submitted to tp_scope_and_documentation@hmrc.gov.uk by July 31, 2026, at 11:59pm. HMRC will review feedback received during the consultation period before finalising the ICTS regulations and guidance.