London: +44 (0)20 7236 2601
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Pre-Budget Report 2009 - International aspects

The Chancellor ‘promised’ a paper on the reform of the Controlled Foreign Companies regime early next year.  This is the system whereby the UK collects tax on the profits of subsidiary companies in low tax jurisdictions.  The change is not expected to be good news for business.

The Chancellor has also promised some amendments to the legislation due to be introduced from 1 January 2010 on the world-wide debt cap.  This applies to larger international groups and seeks to reduce tax relief in the UK where the UK company bears a larger proportion of the interest than its proportion of total debt.

Cathy Corns is a tax adviser and a partner at Mercer & Hole. If you would like to discuss the contents of this post with Cathy you can call her on 01908 605552. 
 

 

 

Date: 9th December, 2009
Author: Cathy Corns

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