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Consultations & legislation
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.Issued: 29 November 2010
Open date: 29 November 2010
Close date: 22 February 2011
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:
To respond to the consultation on CFC reform please use the contact details outlined below.
Jennifer Payne or Robert Edwards
Corporate Tax Team
1 Horse Guards Road
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 will hold open events in HM Treasury on all areas of corporate tax reform, including CFC reform. Upcoming events will be held on:
To attend an open event, please contact firstname.lastname@example.org
A number of working groups will be established to focus on detailed policy issues. New CFC working groups will be established under the following headings: monetary assets, IP, insurance, banking and property. Nominations for working group membership should be sent to email@example.com by 9 December 2010.
The existing CFC interim rules working group will continue in its current form.
It is expected that there will be a high level of interest in working group membership. To permit an efficient policy development process, working groups will be limited to up to six representatives. To ensure a broad representation from a variety of sectors and businesses, the majority, if not all, members will be drawn directly from businesses. To ensure that the working group are as open as possible the Government will consider nominations from key representative bodies where nominees work for specific businesses or have other relevant experience.
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.