Taxation of Foreign Profits Update

June 01, 2009
HM Treasury has been consulting for several years on the reform of the UK system for taxing foreign profits received by UK corporates. This update summarises the resulting proposed package of measures, including the incoming foreign dividend exemption, which will apply to dividends received on and after 1 July 2009, and the “worldwide debt cap”, which will apply for accounting periods beginning on or after 1 January 2010.