Treasury lines up foreign profits tax overhaul
Controlled Foreign Companies legislation lined up for change
An overhaul of tax rules on companies’ foreign profits will be outlined by
the Treasury
today.
The document will attempt to answer previous complaints by businesses that
the tax rules were too complex and tempt them to move out of the UK.
Financial secretary to the Treasury Stephen Timms said the proposals would
strengthen the attractiveness of the UK as a base for business, reported the
FT.
Intellectual property, which is often held in low-tax jurisdictions, is
expected to fall off the Treasury’s radar.
Further reading:
Non-doms
face tax return judgment day