8th February 2012
CFC Reform – Further draft legislation and update on the proposals
Under current law, a Controlled Foreign Company (CFC) is an overseas company controlled by United Kingdom residents which pays less than three quarters of the tax which it would have paid on its income had it been resident in the UK. The controlled foreign companies’ provisions are directed at companies which artificially divert UK profits to low tax territories or other favourable overseas tax regimes to reduce their UK tax liabilities….
To read more visit http://wwtaxclub.blogspot.com/2012/02/controlled-foreign-companies.html