Global

Details

  • Service: Tax, International Corporate Tax, Global Indirect Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 6/1/2012

United Kingdom - CFC-related amendments to Finance Bill 

June 1:  The UK government on 24 May 2012 tabled over 70 amendments to Schedule 20 of the Finance Bill which sets out the new controlled foreign companies (CFC) rules.

Currently, only the amendments as tabled are publicly available. Many of the amendments are intended to clarify existing provisions or represent consequential changes. However, as explained in a May 2012 note (PDF 61.3 KB) from KPMG in the UK, there are certain amendments that are considered to be important.


Other recent developments concern:


  • Changes to the taxation of non-domiciled individuals
  • Guidance and advance assurance for companies on seed enterprise investment scheme (SEIS) eligibility
  • Consultations on the taxation of high-value residential property and on VAT relief on freight transport services performed outside the EU

To read a June 2012 report, prepared by the KPMG member firm in the UK: Weekly Tax Matters (June 1) (PDF 208 KB)




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