UK Government Publishes Road Map for Corporate Tax Reform

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The Government of the United Kingdom has published the Corporate Tax Road Map which sets out how it proposes to enhance the competitiveness of the UK's corporate tax system, with particular focus on controlled foreign company reforms, a new Patent Box regime, and exemptions to the UK corporation tax for foreign branches.

On 29 November 2010, the Government published the Corporate Tax Road Map setting out how it intends to enhance the competitiveness of the UK’s corporate tax system. This Road Map provides a summary of the consultations on controlled foreign company (CFC) reforms (both interim and comprehensive packages), the new Patent Box regime and Foreign Branch taxation. The interim CFC improvements and the changes to Foreign Branch taxation will be legislated for in the Finance Bill 2011, whilst the comprehensive CFC reform and Patent Box are scheduled for the Finance Bill 2012.

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Published In: Administrative Agency Updates, Business Organization Updates, Intellectual Property Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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