On 25 April 2019, the European Commission published the full text of its 2 April 2019 decision finding that the group financing exemption allowed under the UK's controlled foreign company (CFC) rules gave an illegal tax advantage to certain multinationals, constituting illegal State aid ({News-2019-04-04/A/6-previous coverage}). The final decision is as follows:
The group financing exemption scheme, included in the Taxes Acts as Chapter 9 of Part 9A of Taxation (International and Other Prov…