Ian Sandles examines the impact of the new rules on the financial sector
The Finance Bill introduces an optional corporation tax exemption for foreign branch profits.
This is part of the government’s wider corporation tax reform programme which seeks to move towards a territorial basis of taxation for UK companies as part of its wider objective of creating the most competitive tax system in the G20.
In the June 2010 Budget the government announced its intention to reform the taxation of foreign branches of UK companies.
Discussion documents were published in...
