Difference between revisions of "Controlled Foreign Companies (CFC) Working Groups"
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| − | + | These working groups formed part of the UK government's consultation and review of the options to reform the UK’s Controlled Foreign Companies (CFC) rules, which were introduced in the Finance Bill 2012. | |
==Activities== | ==Activities== | ||
| − | Working Groups of representatives from businesses have been established to complement wider consultation on CFC reform and to discuss options and proposals in more detail. Lists of members are provided below. The first working group meetings were scheduled for January 2011.<ref> [http://www.hm-treasury.gov.uk/consult_cfc_reform.htm Controlled Foreign Companies (CFC) reform], 29 November 2010, acc 6 October 2011 </ref> | + | From the HM Treasury website: |
| + | |||
| + | :Working Groups of representatives from businesses have been established to complement wider consultation on CFC reform and to discuss options and proposals in more detail. Lists of members are provided below. The first working group meetings were scheduled for January 2011.<ref> [http://www.hm-treasury.gov.uk/consult_cfc_reform.htm Controlled Foreign Companies (CFC) reform], 29 November 2010, acc 6 October 2011 </ref> | ||
===CFC Monetary Assets working group=== | ===CFC Monetary Assets working group=== | ||
| − | + | *[[Neil Harris]] – [[BHP Biliton]] | |
| − | + | *[[Claire Jordan]] – [[Diageo]] | |
| − | + | *[[Tim Voak]] – [[Tesco]] | |
| − | + | *[[Mark James]] – [[G4S]] | |
| − | + | *[[Janine Juggins]] – [[Rio Tinto]] | |
| − | + | *[[John Connors]] – [[Vodafone]] | |
| − | + | *[[David Smith]] – [[International Power]] | |
| − | + | *[[Lindsey Ritchie]] - [[Shell]] | |
===CFC intellectual property working group=== | ===CFC intellectual property working group=== | ||
| Line 28: | Line 30: | ||
===CFC Property working group=== | ===CFC Property working group=== | ||
| − | Lucinda Bell – British Land | + | Lucinda Bell – [[British Land]] |
| − | Neil Stanford – Standard Life | + | Neil Stanford – [[Standard Life]] |
| − | Octavia Peters – Segro | + | Octavia Peters – [[Segro]] |
| − | Terry O'Beirne – Capital and Counties | + | Terry O'Beirne – [[Capital and Counties]] |
| − | Will Chetwood – Aviva | + | Will Chetwood – [[Aviva]] |
| − | Jeremy Moore – Grosvenor | + | Jeremy Moore – [[Grosvenor]] |
===CFC Insurance working group=== | ===CFC Insurance working group=== | ||
| Line 46: | Line 48: | ||
===CFC Banking working group=== | ===CFC Banking working group=== | ||
| − | + | *[[Mike Lomax]] – [[Standard Chartered]] | |
| − | + | *[[Geoff Pennells]] - [[Citigroup]] | |
| − | + | *[[Sue Cooper]] - [[Schroders]] | |
| − | + | *[[Carol Boneham]] - [[HSBC]] | |
| − | + | *[[Elizabeth McDiarmid]] - [[RBS]] | |
| − | + | *[[Chris Nunn]] - [[Barclays]] | |
===CFC interim improvements=== | ===CFC interim improvements=== | ||
| − | + | *[[Robert Thomas]] - [[Xerox]] | |
| − | + | *[[Stephen Dale]] – [[British American Tobacco]] plc | |
| − | + | *[[Colin Garwood]] – [[IHG]] plc | |
| − | + | *[[Neil Harris]] – [[BHP Biliton]] | |
| − | + | *[[Mike Sufrin]] – [[Rolls-Royce]] plc | |
| − | + | *[[Roger Adams]] – [[Aviva]] plc | |
| − | + | *[[Keith Tucker]] – [[Anglo American]] | |
| − | + | *[[Kathy Bishop]] – [[IBM]] | |
| − | |||
| − | + | ==Secondee from Big Four accountancy firm works on CFC reform== | |
| − | + | In March 2012 the ''Guardian'' reported that [[Robert Edwards]], a senior manager in international corporate tax from accountants [[KPMG]], was seconded to the [[Treasury]] for 20 months to see through developing the policy on CFC rules. His speciality at KPMG was described as "advising [large] multinationals on tax-efficient cross-border financing and restructuring". <ref> Felicity Lawrence, [http://www.guardian.co.uk/commentisfree/2012/mar/19/britains-tax-rules-written-by-multinationals Britain's tax rules – now written for and by multinationals], ''The Guardian'', 19 March 2012 21.45 GMT </ref>According to Edwards's current LinkedIn profile, he "played a pivotal role in CFC reform in shaping the new regime and working closely with HMRC on technical issues and the development of the detailed rules". Edwards now "advises multinationals on the application of the CFC rules and financing opportunities under the new CFC regime".<ref> [http://uk.linkedin.com/pub/robert-edwards/25/235/316 Robert Edwards], LinkedIn, accessed 14 June 2013 </ref> | |
| + | ==External resources== | ||
| + | Website: http://www.hm-treasury.gov.uk/consult_cfc_reform.htm | ||
==Notes== | ==Notes== | ||
<references/> | <references/> | ||
| − | [[Category:Financial sector lobbying]] | + | [[Category:Financial sector lobbying]][[Category:Tax avoidance]] |
Latest revision as of 05:00, 14 June 2013
These working groups formed part of the UK government's consultation and review of the options to reform the UK’s Controlled Foreign Companies (CFC) rules, which were introduced in the Finance Bill 2012.
Contents
Activities
From the HM Treasury website:
- Working Groups of representatives from businesses have been established to complement wider consultation on CFC reform and to discuss options and proposals in more detail. Lists of members are provided below. The first working group meetings were scheduled for January 2011.[1]
CFC Monetary Assets working group
- Neil Harris – BHP Biliton
- Claire Jordan – Diageo
- Tim Voak – Tesco
- Mark James – G4S
- Janine Juggins – Rio Tinto
- John Connors – Vodafone
- David Smith – International Power
- Lindsey Ritchie - Shell
CFC intellectual property working group
Colin Garwood – Intercontinental Hotels Linda Cutler – Kraft Helen Jones – GlaxoSmithKline Paul Morton – Reed Elsevier Chatan Patel – Cable and Wireless Robin Booth – Association of British Food Simon Upcott – Cookson
CFC Property working group
Lucinda Bell – British Land Neil Stanford – Standard Life Octavia Peters – Segro Terry O'Beirne – Capital and Counties Will Chetwood – Aviva Jeremy Moore – Grosvenor
CFC Insurance working group
Roger Adams – Aviva Rob Clayton – RSA Mervin Skeet – XL Group Kieran Devlin – Prudential Juliet Philips – Lloyds Rob Gill - AIG
CFC Banking working group
- Mike Lomax – Standard Chartered
- Geoff Pennells - Citigroup
- Sue Cooper - Schroders
- Carol Boneham - HSBC
- Elizabeth McDiarmid - RBS
- Chris Nunn - Barclays
CFC interim improvements
- Robert Thomas - Xerox
- Stephen Dale – British American Tobacco plc
- Colin Garwood – IHG plc
- Neil Harris – BHP Biliton
- Mike Sufrin – Rolls-Royce plc
- Roger Adams – Aviva plc
- Keith Tucker – Anglo American
- Kathy Bishop – IBM
Secondee from Big Four accountancy firm works on CFC reform
In March 2012 the Guardian reported that Robert Edwards, a senior manager in international corporate tax from accountants KPMG, was seconded to the Treasury for 20 months to see through developing the policy on CFC rules. His speciality at KPMG was described as "advising [large] multinationals on tax-efficient cross-border financing and restructuring". [2]According to Edwards's current LinkedIn profile, he "played a pivotal role in CFC reform in shaping the new regime and working closely with HMRC on technical issues and the development of the detailed rules". Edwards now "advises multinationals on the application of the CFC rules and financing opportunities under the new CFC regime".[3]
External resources
Website: http://www.hm-treasury.gov.uk/consult_cfc_reform.htm
Notes
- ↑ Controlled Foreign Companies (CFC) reform, 29 November 2010, acc 6 October 2011
- ↑ Felicity Lawrence, Britain's tax rules – now written for and by multinationals, The Guardian, 19 March 2012 21.45 GMT
- ↑ Robert Edwards, LinkedIn, accessed 14 June 2013
