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Browse thousands of words and phrases selected by Financial Times editors and suggest new terms for the glossary.

 

Term of the day

controlled foreign company regime CFC

The UK CFC regime was substantially revised for accounting periods beginning on or after 1 April 2013.

The CFC regime is a mainly entity-based system which focuses on overseas profits that have been artificially diverted from the UK. It applies to companies controlled from the UK but resident in an overseas territory and is based around a “gateway” test which determines whether or not there are chargeable profits to which a CFC charge may apply. Detailed calculations of chargeable profits that...