RegulationAccounting StandardsInstitutes push Treasury on CFC rules

Institutes push Treasury on CFC rules

Professional bodies team up to urge the Treasury to let UK businesses bring gains made in low tax jurisdictions onshore

Two institutes have joined forces in calling for the government to allow
businesses to bring offshore gains into the UK tax free and then concentrate on
anti-avoidance issues.

In a letter to the Treasury’s financial secretary Jane Kennedy, the CIoT and
the ICAEW put more pressure on the Treasury to grant the long- awaited dividend
exemption before looking into the potential knock-on effects,
the FT reported.

Tax policymakers have raised concerns that the dividend exemption would see
companies pass ‘passive’ income from assets such as intellectual property
through controlled foreign companies in low tax jurisdictions.

However, advisers have said that the repatriation of funds onshore will
actually benefit the UK’s corporate tax take.

Further reading:

Call
for taxman to drop revenue neutral ‘straitjacket’

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