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Taxation, work and welfare
Taxation of Foreign Branches: documents published prior to 29 November 2010
This page contains documents published prior to 29 November 2010 on the taxation of foreign branches.
Read the Government’s detailed proposals for the reform of foreign branch taxation.
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November 2010 announcements
- Minutes from the fourth meeting of the Taxation of Foreign Branches Working Group, 12 October 2010 (PDF 79KB)
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Minutes from the third meeting of the Taxation of Foreign Branches Working Group, 28 September 2010 (PDF 82KB)
October 2010 announcements
September 2010 announcements
The Government has published the presentation slides from the joint open event on the taxation of foreign branches and CFC interim improvements held at HMT on 7 September 2010.
- Minutes from first meeting of the Working Group, 3 August 2010 (PDF 87KB)
- Approved working group terms of reference (PDF 80KB)
July 2010 announcements
Discussion document
The Government has published a discussion document on the taxation of foreign branches of UK companies. The consultation period for this document runs from 27 July 2010 to 15 October 2010. Responses and enquiries should be sent by e-mail or post to the addresses below.
- Foreign branch taxation: a discussion document (PDF 527KB)
- Impact Assessment of reform to the taxation of foreign branches of UK companies (PDF 38KB)
Working group
A working group of representatives from businesses has been established to complement wider consultation on foreign branch taxation and to discuss options and proposals in more detail. A list of members is provided below. The first working group meeting is scheduled for the beginning of August.
- Deirdre Nolan, BG
- Jane Wethered, BP
- Matt Goodwin, Catlin
- Rob Gill, Chartis
- Howard Mighell, Harwin
- Mark Herbert, HSBC
- Sarah Fahy, Sony
- Mike Lomax, Standard Chartered
Press Notice
A press notice has been issued today on Tax Consultations. Media enquiries should be addressed to the Treasury Press Office on 020 7270 5238.
June Budget
The Government announced the following key messages on foreign branch taxation in the June Budget, as part of the Roadmap for corporate tax reform:
- The Government will move to a more territorial basis for taxing the profits of foreign branches
- Consultation on this will include options for retaining branch loss relief.
The Government is undertaking this reform to enhance the UK's competitiveness and to achieve greater consistency of tax treatment between branches and subsidiaries.
The Government plans to publish a discussion document in July setting out options for the scope of a foreign branch profits exemption and on foreign branch loss relief. Detailed proposals and draft legislation will be published later in 2010, taking into account responses received to the discussion document and the working group dialogue.
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