Difference between revisions of "Controlled Foreign Companies (CFC) Working Groups"

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The UK government is currently examining and consulting on options to reform the UK’s Controlled Foreign Companies (CFC) rules, which are expected to be introduced in the Finance Bill 2012.  
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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>
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From the HM Treasury website:
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: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  
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*[[Neil Harris]]  [[BHP Biliton]]
    Claire Jordan – Diageo  
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*[[Claire Jordan]]  [[Diageo]] 
    Tim Voak – Tesco  
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*[[Tim Voak]]  [[Tesco]]
    Mark James – G4S  
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*[[Mark James]]  [[G4S]]
    Janine Juggins – Rio Tinto  
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*[[Janine Juggins]]  [[Rio Tinto]] 
    John Connors – Vodafone  
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*[[John Connors]]  [[Vodafone]] 
    David Smith – International Power  
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*[[David Smith]]  [[International Power]] 
    Lindsey Ritchie - Shell
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*[[Lindsey Ritchie]]  - [[Shell]]
  
 
===CFC intellectual property working group===
 
===CFC intellectual property working group===
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===CFC Property working group===
 
===CFC Property working group===
  
     Lucinda Bell – British Land
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     Lucinda Bell – [[British Land]]
     Neil Stanford – Standard Life
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     Neil Stanford – [[Standard Life]]
     Octavia Peters – Segro
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     Octavia Peters – [[Segro]]
     Terry O'Beirne – Capital and Counties  
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     Terry O'Beirne – [[Capital and Counties]]
     Will Chetwood – Aviva  
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     Will Chetwood – [[Aviva]]
     Jeremy Moore – Grosvenor
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     Jeremy Moore – [[Grosvenor]]
  
 
===CFC Insurance working group===
 
===CFC Insurance working group===
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===CFC Banking working group===
 
===CFC Banking working group===
  
    Mike Lomax – Standard Charter
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*[[Mike Lomax]] [[Standard Chartered]]
    Geoff Pennells - Citigroup  
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*[[Geoff Pennells]] - [[Citigroup]]
    Sue Cooper - Schroders  
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*[[Sue Cooper]] - [[Schroders]]
    Carol Boneham - HSBC  
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*[[Carol Boneham]] - [[HSBC]]
    Elizabeth McDiarmid - RBS  
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*[[Elizabeth McDiarmid]] - [[RBS]]
    Chris Nunn - Barclays
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*[[Chris Nunn]] - [[Barclays]]
  
 
===CFC interim improvements===
 
===CFC interim improvements===
  
    Robert Thomas - Xerox  
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*[[Robert Thomas]] - [[Xerox]]
    Stephen Dale – British American Tobacco plc  
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*[[Stephen Dale]] [[British American Tobacco]] plc    
    Colin Garwood – IHG plc  
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*[[Colin Garwood]] [[IHG]] plc  
    Neil Harris – BHP Biliton  
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*[[Neil Harris]]  [[BHP Biliton]]
    Mike Sufrin – Rolls-Royce plc
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*[[Mike Sufrin]] [[Rolls-Royce]] plc
    Roger Adams – Aviva plc  
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*[[Roger Adams]] [[Aviva]] plc  
    Keith Tucker – Anglo American  
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*[[Keith Tucker]] [[Anglo American]]
    Kathy Bishop – IBM
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*[[Kathy Bishop]] [[IBM]]
 
 
  
:Website:
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==Secondee from Big Four accountancy firm works on CFC reform==
  
==Resources==
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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>
  
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==External resources==
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Website: http://www.hm-treasury.gov.uk/consult_cfc_reform.htm
 
==Notes==
 
==Notes==
  
 
<references/>
 
<references/>
  
[[Category:Financial sector lobbying]]
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[[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.

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

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

CFC interim improvements

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

  1. Controlled Foreign Companies (CFC) reform, 29 November 2010, acc 6 October 2011
  2. Felicity Lawrence, Britain's tax rules – now written for and by multinationals, The Guardian, 19 March 2012 21.45 GMT
  3. Robert Edwards, LinkedIn, accessed 14 June 2013