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Responses to consultation on Controlled Foreign Companies (CFC) reform
The Government is consulting on new Controlled Foreign Company (CFC) rules to be introduced in Finance Bill 2012. This forms part of the Government’s plans to reform corporate tax, as set out in the Corporate Tax Road Map.
The Government would like to thank those who have provided responses to that consultation and encourage interested parties to continue engaging with the ongoing consultation process. The Government welcomes the written responses to the consultation and the productive dialogue that has taken place between officials and businesses, advisers and industry bodies over the summer.
This document provides an update on the developments on the reform of Controlled Foreign Companies rules as a result of consultation, a summary of responses received and also a guide to the draft legislation.
The Government has also published draft legislation for consultation, together with Explanatory Notes. Technical consultation on the draft legislation and accompanying documents is now open and will close on 10 February 2012.
Full details on how to contribute to the consultation are set out in the response document above.
The Government would welcome earlier, or staged responses, ahead of the consultation deadline where this is possible.
HM Treasury and HM Revenue and Customs will be hosting an open event at HM Treasury on Wednesday 11 January 2012 at 10am to discuss the CFC reform proposals and draft legislation. If you would like to attend this event please contact firstname.lastname@example.org
In addition, if you are not already on the distribution list and would like to be informed of CFC reform updates then please e-mail email@example.com