The total recorded yield from HMRC settlements relating to controlled foreign companies legislation in the financial years 2007/08 to 2009/10 is estimated at £719 million, David Gauke said in a Commons written answer.
Peter Cussons on the foreign branch exemption
Chris Morgan reviews the latest developments in tax from around the world
Colin Hargreaves on the November 2010 CFC proposals
The Government has asked Graham Aaronson, a tax barrister specialising in commercial taxation, to lead a study into a general anti-avoidance rule. In the meantime a number of specific anti-avoidance measures have been announced, some with immediate effect.
A competitive corporate tax system is not just about rates, the Treasury said as it launched five consultations.
The Government has estimated that there are 190 open HMRC enquiries under the controlled foreign companies legislation, said Mark Hoban in a Commons written answer.
The Government supports the work of the OECD's task force on tax and development which is examining the issue of country-by-country reporting, business minister Edward Davey said in a Commons written answer.
The Treasury announced five consultations on 29 November dealing with controlled foreign companies, taxation of foreign profits, profits arising from patents and R&D tax credits:
Allan Cinnamon and Nick Udal provide a detailed comparison of tax issues for holding companies in key jurisdictions