The European Commission has published a summary of its findings in its state aid investigation into the U.K.’s controlled foreign company (CFC) finance company exemption. Although the Commission did not find the entirety of the finance company exemption to constitute unlawful state aid, it did find certain aspects of this regime to be unlawful. Under EU law the U.K. is required to take steps to recover this from recipients. We await publication of the full text of the Commission’s decision, and an announcement from the U.K.’s tax authority, HM Revenue & Customs (HMRC), as to what form recovery action will take and whether it intends to appeal the decision. With effect from January 1, 2019 the finance company exemption has been amended, and as a result the Commission’s decision is
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The EU Commission concludes that aspects of UK controlled foreign company rules constitute unlawful State aid
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