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Alastair Munro Director KPMG and Ulrike Schoeman Manager KPMG consider the proposed foreign dividend exemption in the Foreign Profits DiscDoc
 
It is hoped that there will be a possible Government announcement on progress with its proposals to reform the taxation of foreign profits towards the end of July. In anticipation of this announcement in this article we will discuss the proposed foreign dividend exemption.
Background
 
On 21 June last year the Government published a discussion document (DiscDoc) focusing on the possible reform of UK taxation in four key areas: foreign dividends controlled companies (CCs) deductibility of interest and Treasury consents. A potential start date of 1 April 2009 was mentioned for...
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