UK tax forms

Controlled foreign companies

Overview

This section analyses tax information related to Controlled foreign companies (CFCs). The relevant sheets are as follows:
CFC summary
This lets you enter each CFC component needed by sections 371AA to 371VJ in Part 9A of the Taxation (International and Other Provisions) Act 2010. The amounts will be passed to the CT600B return.
CT600B return
CT600B is the supplementary page for CFCs. This sheet summarises information relating to the CFCs, showing how the CFC charge has been calculated.

Completing the sheets

CFC summary
On this sheet, you need to enter information about your CFCs. A tax adjustment will then be calculated based on the chargeable profits of your CFCs. The Tax on chargeable profits and CFC charge will be calculated automatically and linked directly to the
Tax calculation
 sheet. You'll need a row for each CFC and you can add more as needed. For any additional Accounting periods new columns will be added.
For Life companies, you'll need to enter either:
  • The basic life assurance and general annuity business (BLAGAB) element of the CFC’s apportioned profits (from which the policyholders’ share will be calculated automatically) or
  • The long-term business fixed capital (LTBFC) element.
When you enter the percentage of apportionable profits and creditable tax, you'll need to ensure that the percentage correctly reflects the additional rules for Life companies. These rules are given in section 371BH of the Taxation (International and Other Provisions) Act 2010.
CT600B return
This is a review sheet and you cannot perform any analysis on it. It will be populated automatically from the CFC summary sheet.

This article applies to:

  • PRODUCT: ONESOURCE Corporate Tax

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