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Posted Mon, 06 Nov 2023 09:58:36 GMT by
Dear HMRC, I relocated to the UK last year and remain a shareholder of a private company limited overseas which constitutes a CFC but one which had ceased to conduct any business activity since my relocation although it continues to incur various administrative expenses necessary for its maintenance. My understanding is that corporations must report certain information regarding CFC's that meet the conditions for Low Profits Exemption on CT600B. However, there does not appear to be any equivalent forms or schedules which individual shareholders may attach to their self assessment returns. Your guidance on whether and how similar reporting should be made by individual shareholders of CFC's that meet the conditions for Low Profits Exemption is, therefore, respectfully requested.
Posted Thu, 09 Nov 2023 11:26:57 GMT by HMRC Admin 20
Hi curious4tax,
As this is for corporation tax, you would not include it on your personal return and it would be the corporation tax for the comany -
INTM225550 - Controlled Foreign Companies: Entity Exemptions: Chapter 12 - The Low Profits Exemption: Introduction
Thank you.

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