When dealing with the tax laws surrounding controlled foreign companies, it is often best to consult a firm of qualified accountants. The Accountancy Solutions is very familiar with the law and has a lot of experience in this field.
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A controlled foreign company or CFC is a company that is not resident in the UK but controlled by residents in the UK. This control may either be legal or economic or maybe a joint venture test or meet UK accounting standards.
Accountants for Foreign Companies
The rules surrounding CFCS are a provision that is designed to stop UK profits from being diverted to territories with lower tax levels. When UK profits are diverted to a controlled foreign company, the profits are then apportioned and then charged to a UK corporate interest holder with a minimum of 25% interest in the company.
It works by applying a series of charge gateways to the various kinds of profits to identify those who have been diverted away from the UK economy. These profits will then be apportioned before being charged to the relevant corporate interest holders in the UK. There are several entity level exemptions reflecting the fact that it is generally considered that most CFCs have been set up for purely commercial reasons. Therefore they are designed to reduce the company’s compliance burden when applying these rules.
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