In September, HM Revenue & Customs in the United Kingdom published new TP guidelines. This latest guidance suggests that HMRC is moving in lockstep with the United States and other OECD tax administrations and is looking to shore up the UK tax base. However, rather than attempting to prescribe the pricing of specific transactions, the new guidance explains the UK tax authority’s expectations as regards transfer pricing documentation and – more significantly – what processes MNEs should implement in order to ensure that the corporation tax returns and transfer pricing documents that they file reflect arm’s length outcomes. This article highlights key points from the new HMRC guidance and draws out key lessons for MNEs and their advisers as regards the management of intercompany agreements for transfer pricing compliance.