News

Alison Lovejoy

Foreign profits

On 30 April 2009 the Financial Secretary to the Treasury Stephen Timms wrote an open letter concerning legislation on the taxation of foreign profits which was reproduced on page 2 of Issue 980 of The Tax Journal. The letter mentioned forthcoming draft legislation which was published on 29 May. HMRC's announcement accompanying publication of the draft legislation notes that Mr Timms' letter:

'… explained that some areas of the legislation for the worldwide debt cap would be introduced by amendment during Public Bill Committee. HM Revenue & Customs (HMRC) is publishing today the draft legislation for two of these areas covering the financial services exclusion [see www.lexisurl.com/FY2gV] and the targeted anti-avoidance rule [see www.lexisurl.com/QqYuj]. HMRC anticipate further changes will be made...

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Foreign profits

'… explained that some areas of the legislation for the worldwide debt cap would be introduced by amendment during Public Bill Committee. HM Revenue & Customs (HMRC) is publishing today the draft legislation for two of these areas covering the financial services exclusion [see www.lexisurl.com/FY2gV] and the targeted anti-avoidance rule [see www.lexisurl.com/QqYuj]. HMRC anticipate further changes will be made...

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