It is very heartening to see the Chancellor in his speech to the CBI on 19 May state that he wishes to particularly focus on corporate taxes and in particular he said 'Our aim is to create the most competitive corporate tax regime in the G20 while protecting manufacturing industries'. He said 'As well as lower rates and a simpler system I want to reform the complex Controlled Foreign Companies rules that have driven businesses overseas' so the programme to complete the reform of the CFC regime seems to be on track.
What needs to be done?
What specifically needs to be done to improve the competitiveness of the UK from a corporate tax perspective? CFC reform is certainly key and although the consultation process has been hugely successful in developing a basis for successful reform the detail remains to be worked out. There are some difficult and...
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