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Following an announcement in the 2011 Budget and a consultation paper published in April 2011, the Finance Bill 2012 contains legislation to establish a new corporation tax regime for UK life insurance companies and friendly societies, to take effect on 1 January 2013
The UK’s ‘controlled foreign company’ (“CFC”) rules are directed at companies which artificially divert UK profits to low tax territories or other favourable overseas tax regimes so as to reduce their UK tax liabilities
