Controlled Foreign Companies (CFC)

BLOG5th Feb 2013

New CFC provisions have been introduced which came into force for accounting periods beginning on or after 1 January 2013.

The regime imposes a CFC tax charge on the taxable profits of overseas subsidiaries, unless one of the statutory exemptions apply. The CFC charge will be reduced by a credit for any foreign tax paid in respect of the amounts also taxable in the UK.

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