Details

  • Service: Tax, International Corporate Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 2/3/2012

United Kingdom - Draft legislation on application of CFC rules to exempt foreign branches; advance thin cap agreements 

February 3:  The UK government this week published draft legislation covering the application of the new controlled foreign company (CFC) rules to exempt foreign branches and amended rules regarding the finance company partial exemption (FCPE), together with an update on the latest thinking around the proposals.

The KPMG member firm in the UK has prepared a report on the CFC reform that sets out the key points in the draft legislation.


Comments have been requested by 10 February 2012 (which is the general deadline for comments on the draft clauses for Finance Bill 2012).


To read a February 2012 report prepared by the KPMG member firm in the UK, discussing the CFC reform and advance thin capitalisation agreements: Weekly Tax Matters (February 3)




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