The CIOT has expressed concern at the sheer size of the Finance Bill published today. At 670 pages (plus almost as many of explanatory notes) it must be one of the longest, if not the longest, on record.1 To the CIOT, it emphasises the crucial need for full consultation in advance of measures to go into the Finance Bill.
The Chancellor of the Exchequer said in today’s Budget that, following consultation, the controlled foreign company (CFC) rules will be replaced in Finance Bill 2012. The Chartered Institute of Taxation (CIOT) looks forward to seeing the detail of the final proposals for CFC reform when the Finance Bill is published next week.