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Branch Capital

Paul Long Tax Partner KPMG and Trevor Hails Chief Accountant London Branch Banco do Brasil and BTC Committee member discuss the current status on taxation of branch capital
The purpose of this article is to appraise the practical outcome of the UK rules first announced in Budget 2002. By reviewing how the position has been agreed for a cross-section of UK-based branches assistance will be given to those branches yet to agree their first returns affected by the rules and also to provide benchmarks which may support any re-negotiations.
Prior to Budget 2002 it is only a small exaggeration to say that the UK had in reality...

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