Foreign Profits Update

Informal consultation on the future UK taxation of companies' foreign profits is ongoing. New consultation is being undertaken via the Chancellor's Business-Government Forum on Tax and Globalisation which met for the first time on 9 June having been announced in April. There have now been a number of suggestions that the consultation document promised by HM Treasury and HMRC by the summer will be delayed. However an update in July is nonetheless more than likely and there are several options which could be considered. The overall timetable for implementation is also looking to be under pressure. Early 2009 as an anticipated date for changes in this area ...