This article will look at PFICs for UK residents. For questions and advice — firstname.lastname@example.org.
‘Passive Foreign Investment Company’ also known by the name ‘PFIC’. A Company is said to be a PFIC if it follows two conditions. They are:
- Depending on the income of the company, a minimum of 75% of the gross income of the company should be a passive type of income. It should not be generated from the company’s active and regular business methods.
- Depending on the company’s assets, a minimum of 50% of the…