Vitol Aviation UK Ltd and others v HMRC

In Vitol Aviation UK Ltd and others v HMRC [2021] UKFTT 353 (TC) (27 September 2021) the FTT directed HMRC to issue closure notices within 30 days to give effect to transfer pricing adjustments that were also the subject of diverted profits tax (DPT) charging notices.

The applicant companies were members of an international group which traded energy and commodities globally. The companies carried on the UK activities of the group and entered discussions with HMRC with a view to agreeing a new advance pricing agreement. In the course of the discussions HMRC opened enquiries into the returns of the companies for the three years ended 31 December 2018 and also issued DPT charging notices to two of the companies for the two years ended 31 December 2017. At the time of the hearing the review period...