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IFA Meeting 7 th April

IFA Meeting 7 th April. Foreign Branches – an attractive regime? Mike Hardwick Linklaters LLP. An attractive regime?. Attractive features Elective Company by company election Treaty allocation followed Extension to chargeable gains Streaming election Disappointments

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IFA Meeting 7 th April

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  1. IFA Meeting 7th April Foreign Branches – an attractive regime? Mike Hardwick Linklaters LLP

  2. An attractive regime? • Attractive features • Elective • Company by company election • Treaty allocation followed • Extension to chargeable gains • Streaming election Disappointments • Can’t both exempt profits and use losses in UK • Election irrevocable • Can’t cherry pick branches in same company • Motive test follows CFC motive test

  3. Comparison of Foreign Branch v Foreign Subsidiary

  4. Pros and cons of electing branch

  5. Should you elect a foreign branch? • Branch in high tax country • Don’t elect if losses possible • Branch in low tax country • Elect unless losses likely • Start up where losses likely • Don’t elect and incorporate/elect/move to elected company when becomes profitable (note s18O CTA 2009)

  6. Bank PLCUK A LtdUK (no election) B LtdUK (election made) • High tax branches • Low tax branches expecting losses • Start ups • Profitable low tax branches Possible Structure

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