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UK CFC update will be out on December 6

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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.

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