TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Draft Clauses on Taxation of the Foreign Profits of Companies

Amendments to legislation as referred to in the Financial Secretary's letter of 30 April 2009 are now available, together with draft regulations.

The 2008 Pre-Budget Report announced a package of reforms (for introduction in Finance Bill 2009) to the taxation of foreign profits, to support and enhance the UK's competitive position. As set out in the Pre-Budget Report, and Ministers’ statements, these reforms and the review of the controlled foreign companies (‘CFC’) rules, together represent a move towards a more territorial approach to taxing foreign subsidiaries.

The latest amendments to the provisions regarding the taxation foreign profits are now available which include draft explanatory notes and draft copies of regulations to be laid before Parliament.