The coalition government has put forward a road map of lower corporate tax a less intrusive CFC regime and clarity on the way ahead. The Finance Bill 2011 clauses offer modest immediate improvements in CFC taxation; an exemption regime for foreign branches and an interesting consultation on whether business would prefer the planned rate reductions to be enacted in 2011 or rolled out year by year. Those with deferred tax assets may prefer to write them down gradually – whilst those with deferred tax liabilities or perhaps with investment plans may prefer the immediate enactment. It’s good to be asked! However the news isn’t so positive in my area: employer taxation. Following the reduced annual limit for pension contributions the government was expected to prevent employers making tax-free contributions to unapproved pension schemes and to stop the use of employee and family benefit trusts...
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