Budget 2007 announced a major set of reforms to modernise the domestic corporation tax base, marking a further milestone in the Government's objective to maintain a competitive tax system for business. Alongside domestic reform, the Government also committed to consult on reforming the taxation of foreign profits.
In the light of that commitment, this document sets out a package of proposals for modernising and creating a more straightforward regime for taxing foreign profits. The Government wishes to discuss this with business, in order to develop more detailed proposals for further consultation.