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.