Although I do not generally advise on CFC issues per se, I do have an interest in the latest reform proposals in so far as they impact on IP. In general, I believe that the current CFC reforms are heading in the right direction and the Government is to be congratulated on the efforts being made. Inevitably, there are aspects of the proposals which are not exactly as everyone would like but I believe that this is one area where we may not be able to get “perfect” legislation before it is enacted. We will almost certainly need to keep working on it.
Just to be clear, when I say we might not get “perfect” legislation at this stage, I am talking about the underlying policy, not whether the legislation is technically correct in delivering that policy!
My limited comments on the latest proposals can be read here.