Controlled Foreign Companies (CFC)

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... Read more

Blog5th Feb 2013

By Sarah Munro

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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