Michael McGowan and Andrew Thomson Author Article on U.K. Controlled Foreign Company ReformJanuary 2012
The January issue of Practical European Tax Strategies published an article by Mr. McGowan and Mr. Thomson titled, “UK Controlled Foreign Company Reform: Draft Legislation on Permanent Changes to the CFC Rules.” The article discussed the draft legislation outlining a reformed controlled foreign company (CFC) code by the U.K. government. Although the government has yet to complete the draft in certain sections, the new code will be more sophisticated and more complicated. The article reviews the updates to the legislation, provides extensive background on the CFC reform and outlines the outstanding details to be addressed by the government.