HM Treasury

Taxation, work and welfare

Controlled Foreign Companies (CFCs) working groups and committees

As the policy process on CFC reform developed a decision was taken that the production of working group minutes was not the most effective use of resource. Summaries of decisions and debates were published in June and December 2011 and January and February 2012.

The working group meeting held on the targeted anti avoidance rules was judged to be of sufficient interest for minutes to be produced. Some minutes from earlier meetings are also currently held by the Treasury and will be published in advance of the Public Bill Committee.

Working group on Targeted Anti Avoidance Rules (TAARs)

A one-off working group was held to discuss the TAARs in the draft CFC legislation.

Working group on CFC interim improvements (established July 2010)

A working group of representatives from businesses has been established to complement wider consultation, and to discuss the CFC interim improvements in more detail. The approved terms of reference for this group can be found below along with a full list of members and meeting minutes.

Members of the CFC interim improvements working group

CFC interim improvements meeting minute

Working group meeting minutes will be listed below.

CFC liaison committee (established 1 April 2009)

As part of the consultation process on the reform of the CFC rules, a liaison committee has been set up to assist with the policy process and to facilitate effective consultation.

The committee held its first meeting on 2 April 2009 and agreed its terms of reference. You will find these along with a list of the liaison committee members and meeting minutes below.

Minutes

Working groups were established to discuss monetary assets (including finance and treasury operations) and intellectual property.

These groups complement wider consultation and initial meetings were held in September 2009. Terms of reference, a list of members and a record of each meeting can be accessed below.

Intellectual property

Monetary assets and treasury functions working group

Working groups on CFC reform (established January 2011)

The Government set out its engagement strategy for CFC reform in  the document Corporate Tax Reform: Delivering a More Competitive System and working groups were established to discuss: monetary assets, intellectual property, insurance, banking and property.

Working Groups of representatives from businesses were established to complement wider consultation and to discuss CFC reform in more detail. Lists of members, agendas and minutes of some meetings can be accessed below. The first working group meetings were held in January 2011.

CFC monetary assets working group

Minutes of the CFC monetary assets working group

CFC intellectual property working group

CFC intellectual property working group meetings

CFC property working group

CFC property working group meetings

CFC insurance working group

CFC insurance working group meetings

CFC banking working group

CFC banking working group meetings

Excluded Countries Exemption

This note sets out the Government’s proposals for discussion on the new excluded countries exemption.

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