Consultations & legislation
Controlled Foreign Companies (CFC) reform
Issued: 29 November 2010
Open date: 29 November 2010
Close date: 22 February 2011
The Government is currently examining options to reform the UK’s Controlled Foreign Companies (CFC) rules
The Government is consulting on new Controlled Foreign Company (CFC) rules to be introduced in Finance Bill 2012. In the meantime, interim improvements to the existing CFC rules will be introduced in Finance Bill 2011.
If you are not already on the distribution list and would like to be informed of CFC updates then please email Robert Edwards.
The Government is consulting on proposals for CFC rules, in particular for monetary assets and intellectual property.
The Government has published Corporate Tax Reform: Delivering a More Competitive System. Further information on this document is available on the Corporate Tax Reform page.
As part of this document, the consultation on CFC reform included in this document has been made available here:
Working Groups
Working Groups of representatives from businesses have been established to complement wider consultation on CFC reform and to discuss options and proposals in more detail. Lists of members are provided below. The first working group meetings are scheduled for January.
CFC Monetary Assets working group
- Neil Harris – BHP Biliton
- Claire Jordan – Diageo
- Tim Voak – Tesco
- Mark James – G4S
- Janine Juggins – Rio Tinto
- John Connors – Vodafone
- David Smith – International Power
- Lindsey Ritchie - Shell
CFC intellectual property working group
- Colin Garwood – Intercontinental Hotels
- Linda Cutler – Kraft
- Helen Jones – GlaxoSmithKline
- Paul Morton – Reed Elsevier
- Chatan Patel – Cable and Wireless
- Robin Booth – Association of British Food
- Simon Upcott – Cookson
CFC Property working group
- Lucinda Bell – British Land
- Neil Stanford – Standard Life
- Octavia Peters – Segro
- Terry O'Beirne – Capital and Counties
- Will Chetwood – Aviva
- Jeremy Moore – Grosvenor
CFC Insurance working group
- Roger Adams – Aviva
- Rob Clayton – RSA
- Mervin Skeet – XL Group
- Kieran Devlin – Prudential
- Juliet Philips – Lloyds
- Rob Gill - AIG
CFC Banking working group
- Mike Lomax – Standard Charter
- Geoff Pennells - Citigroup
- Sue Cooper - Schroders
- Carol Boneham - HSBC
- Elizabeth McDiarmid - RBS
- Chris Nunn - Barclays
CFC interim improvements
- Robert Thomas - Xerox
- Stephen Dale – British American Tobacco plc
- Colin Garwood – IHG plc
- Neil Harris – BHP Biliton
- Mike Sufrin – Rolls-Royce plc
- Roger Adams – Aviva plc
- Keith Tucker – Anglo American
- Kathy Bishop – IBM
Contact us
To respond to the consultation on CFC reform please use the contact details outlined below.
E-mail:
- jennifer.payne@hmtreasury.gsi.gov.uk
- robert.edwards@hmtreasury.gsi.gov.uk
- corporatetaxreform@hmtreasury.gsi.gov.uk
Post
Jennifer Payne or Robert Edwards
CT Reform
Corporate Tax Team
HM Treasury
1 Horse Guards Road
London
SW1A 2HQ
Further engagement
Parties interested in involvement in any part of the corporate tax reform consultation can find further information in the engagement strategy Chapter 5: The Corporate Tax Road Map.
The Government held open events in HM Treasury on corporate tax reform on:
- 13 December 2010
- 11 January 2011
Slides from these events are available below:
There are no plans for further open events at this stage. Further events will be announced as appropriate.
If you would like to share your views on any area of corporate tax reform, please contact the HM Treasury representative for that area or email corporatetaxreform@hmtreasury.gsi.gov.uk.
Strategic overview of all elements of the corporate tax reform consultation will be provided by a Corporate Tax Road Map liaison committee and this will replace the CFC liaison committee. Details of this committee, when established, and minutes of committee meetings will be available on the corporate tax reform page.
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