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What is all the fuss over the taxation of foreign profits? VICKI DAVIES explains the current situation and how we got here
KEY POINTS
- Proposals for taxation of foreign dividends are generally welcomed.
- Changes to the controlled foreign company legislation could cause companies to leave the UK.
- Treatment of interest relief remains largely unchanged apart from anti-avoidance measures.
- Effect of the legislation on owner-managed businesses and small and medium-sized enterprises should be considered.
There was much anticipation on 21 July 2008 among tax professionals when the Government issued a further technical note via a covering letter addressed to the Confederation of British Industry on the proposed changes to the taxation of foreign profits.
Excitement was tempered however when it was realised that the Government was merely extending the consultation process by inviting more discussion with interested parties thus further delaying the introduction of any new legislation or certainty. Nevertheless this is a welcome...
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