Overseas corp tax Flashcards
1
Q
CFC (controlled foreign company) definition
A
overseas company, non resident in the uk that is controlled by uk residents and/or companies
2
Q
Double taxation relief stuff
A
3
Q
low profits exemption and have no CFC charge
A
total profits must be no more than half a million pounds
no more than £50k must be non-trade (chargeable gains!)
4
Q
how to calc CFC charge
A
on trading profits only, only on profits that have been artificially diverted (%of shares)
