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Govt outlines UK tax treatment of controlled foreign companies

The Government has published a document on proposals for reforming the UK tax treatment of controlled foreign companies.

The proposals set out in the discussion document are intended to enhance the competitiveness of the UK, while providing adequate protection of the UK tax base.

The discussion document sets out the overarching framework of the new rules and proposals for how monetary assets and intellectual property could be treated.  

Treasury Financial Secretary Stephen Timms says: “Modernising these rules is crucially important to maintaining and enhancing the UK’s attractiveness as a base for global business.

“This report, drawing on our discussions with businesses, is a key step in designing a system that better recognises the way multinationals operate today, while protecting our tax base.”

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