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FA 2012: CFCs - the new regime

Speed read

FA 2012 introduced new rules (TIOPA 2010 Part 9A Chapters 1–22), which modernised the UK’s nearly 30 year old CFC regime and will apply to groups for accounting periods starting after 1 January 2013. These rules have been in development for a number of years but the hope is that we now have a more user friendly and competitive system. The rules have a series of gateways and entity level exemptions. The hope is that once we have lived with the regime for a while the complexities in the new rules do not detract too much from the clear improvements it makes.

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