Draft finance bill 2012 published

The government has published the draft version of the Finance Bill 2012 on 6 December, with the following measures due to take effect from April 2012:

• Controlled foreign companies

  The long-awaited controlled foreign company rule changes protect against artificial diversion of profits from the UK to low tax jurisdictions. Companies using offshore financing structures to lend to their subsidiaries will get a lower tax rate of 5.75% rather than having to pay the full UK tax rate.

• Non-doms and residency