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CFC reform: underlying issues

Gary RichardsCommenting on controlled foreign company (CFC) reform in 2011 brings to mind the answer said to have been given by an Irishman to a request for directions to the effect that he wouldn’t have started from here.

The underlying question remains whether a CFC regime is compatible with EU jurisprudence if it goes beyond the principles established in Cadbury Schweppes or whether subsequent case law means that were Cadbury Schweppes to be heard now the scope afforded to HMRC would be greater.

The answer to that question relevant in particular to HMRC’s proposals on long-term reform from 2012 will to some extent become apparent if the Supreme Court hears any appeal from the Court of...

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