Ahead of the imminent withdrawal of a concession relating to the application of transfer pricing rules to loans made to companies in the UK tonnage tax scheme, accountant and shipping industry adviser Moore Stephens has urged companies who may be adversely affected to review their financing arrangements and to eliminate where possible any loans from UK companies to connected UK tonnage tax companies. The UK transfer pricing rules apply to transactions between a UK company and any other entity under common control. They apply to transactions between UK companies, including transactions with UK tonnage tax companies. They also apply to transactions across the tonnage tax ring-fence. However, whether or not they apply will depend on the size of the group.