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Assets of overseas branches
On 6 January 2010 the Financial Secretary to the Treasury Stephen Timms made the following Written Ministerial Statement:
'Corporate taxation
'I am announcing today the Government's intention to present to Parliament proposed legislative changes to the corporation tax rules for capital gains of companies for inclusion in Finance Bill 2010. The changes which have immediate effect from 6 January 2010 will ensure that a postponed charge on gains arising where assets of an overseas branch are transferred to a non-resident company is brought back into charge at the appropriate time.
'The changes will affect UK companies that transfer assets of an overseas branch to a non-resident company in exchange for securities consisting of shares or loan stock. In...

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