TaxCorporate TaxVodafone CFC bill due next year

Vodafone CFC bill due next year

Controlled foreign companies tax bill could impact in 2007-8 accounts, says CFO

Vodafone expects its potential £2bn controlled foreign companies (CFC) tax
liability will become due as early as next year.

Speaking at the announcement of its preliminary results, CFO Andy Halford
said: ‘If we had to pick a year [it] would be the 2007-8 year.’

Vodafone disclosed last year that the group was facing a potential £5bn tax
liability from various tax authorities.

Halford gave an update on the situation today, disclosing the group expected
‘roughly a £5bn expense’.

‘The biggest single case is the CFC case, probably for £2bn or a bit more.
The remaining £3bn [will fall] probably fairly evenly over the three-year
period.’

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

2m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

2m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

2m Alia Shoaib, Reporter
‘Improve rather than lose’ disincorporation relief, tax body urges

Administration ‘Improve rather than lose’ disincorporation relief, tax body urges

3m Austin Clark, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

3m Clear Books | Sponsored
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

3m Austin Clark, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

3m Emma Smith, Managing Editor
Should I incorporate my buy-to-let business?

Corporate Tax Should I incorporate my buy-to-let business?

4m Emma Rawson