His Majesty's Revenue & Customs (HMRC) has published new operational guidance for transfer pricing that sets out HMRC's view on the application of the Organisation for Economic Co-operation and Development's (OECD's) six-step process for analyzing risk.The six-step process addresses the identification of economically significant risks, control of risks, role of contracts and pricing of transactions taking into account the arm's-length risk allocation.Businesses should consider whether they have fully identified the economically significant risks relevant to their business and whether their transfer pricing policies are consistent with a detailed analysis of these risks using the OECD's six-step process in the context...