UK CFC update will be out on December 6

International Tax Review is part of Legal Benchmarking Limited, 1-2 Paris Garden, London, SE1 8ND

Copyright © Legal Benchmarking Limited and its affiliated companies 2025

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

UK CFC update will be out on December 6

treasury.jpg

The UK Treasury will publish an update on controlled-foreign company (CFC) reform on December 6, the same day as the draft clauses of Finance Bill 2012.

The update will include the policy aims of the reform, how the proposals developed since a consultation in June 2011 and an overview of the responses to the questions raised in the consultation.

The CFC reform is a key ingredient in the government’s move to a territorial system for business taxation and a longer-term plan to make the UK the most tax-competitive jurisdiction in the G8. However, it has taken a long time. When Finance Bill 2012 becomes law it will be almost five years since a discussion document on changing the rules was published in June 2007. Interim measures have been enacted since then, but next year will see the most comprehensive changes.

Read www.internationaltaxreview.com for an analysis of the update and the draft legislation, and for full coverage of the Chancellor of the Exchequer’s Autumn Statement from November 29.

more across site & shared bottom lb ros

More from across our site

Reckitt Benckiser is to divest its Essential Home business, which includes more than 70 brands, to private equity firm Advent International
In the first of a new series of weekly opinion pieces, ITR Editor Tom Baker reflects on the OECD’s attempts to sanitise the US’s brazen pillar two negotiations
The threat of 50% tariffs on Brazilian goods coincides with new Brazilian legal powers to adopt retaliatory economic measures, local experts tell ITR
The country’s chancellor appears to have backtracked from previous pillar two scepticism; in other news, Donald Trump threatened Russia with 100% tariffs
In its latest G20 update, the OECD also revealed tense discussions with the US where the ‘significant threat’ of Section 899 was highlighted
The tax agency has increased compliance yield from wealthy individuals but cannot identify how much tax is paid by UK billionaires, the committee also claimed
Saffery cautioned that documentation requirements in new government proposals must be limited if medium-sized companies are not exempted from TP
The global minimum tax deal is not viable without US participation, Friedrich Merz has argued
Section 899 of the ‘one big beautiful’ bill would have spelled disaster for many international investors into the US, but following its shelving, attention turns to the fate of the OECD’s pillars
DLA Piper’s co-head of tax for the US and Latin America tells ITR about her fervent belief in equal access to the law, loving yoga, and paternal inspirations
Gift this article