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

The UK tax agency reported that the total estimated tax gap for the 2023/24 tax year is £46.8 billion
The case shows that legal relationships between parties bear significance and should be given sufficient weight in TP analyses, one local adviser says
Burford Capital said it hopes that the US Congress will not ‘set back’ business growth and innovation by introducing a tax on litigation funding profits
The new framework simplifies the process of relocating eligible employees to Luxembourg and offers a ‘clear and streamlined benefit’, says Alexandra Clouté of Ashurst
The Portuguese firm’s managing partner tells ITR about his love of Sporting Lisbon, the stress of his '24-hour role', and why tax is never boring
The reduction would still ‘leave room’ for pillar two and further reductions would be possible, one expert tells ITR
Funding from private equity house EQT will propel WTS Germany to compete with the ‘big four’, the firm’s leaders told ITR in an extensive interview
New Zealand is bucking the trend of its international counterparts with its investment-friendly visa approach. Here’s what high-net-worth investors need to know
However, nearly 10% of reports only disclosed activities in tax havens, according to the Fair Tax Foundation; in other news, Plante Moran sealed a US east coast merger
While pillar one is still alive, it will apply to a smaller group of companies, Brian Foley also told ITR
Gift this article