Emergency Budget 22 June 2010: The future direction of business taxation
23rd June 2010
The following plans for future changes to the business taxation system were announced in the Emergency Budget.
It is intended:
- to tax the profits of foreign branches on a more territorial basis from spring 2011;
- to introduce simplified capital gains rules for groups of companies in 2011;
- to introduce new rules on the tax treatment of controlled foreign companies in spring 2012;
- to carry out a consultation on the tax treatment of intellectual property and R&D tax credits.
