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.
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 is "Advising multinationals on tax-efficient cross-border financing and restructuring". [2]
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
