On 9 December 2008, the Government published draft legislation on the taxation of foreign profits. This is the latest development in an ongoing consultation which formally started in June 2007 when HM Treasury and HMRC published a joint discussion document entitled the "Taxation of the foreign profits of companies". Click here for our client briefing note on the proposals outlined in this discussion document. As part of the Pre-Budget Report (PBR) 2008, the Government provided a further outline of its proposals and promised to publish draft legislationshortly thereafter. Click here for our client briefing note on the key points from the PBR announcement.