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.
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