On 4 March 2008, the Report Stage amendments to Finance Bill 2008 were released. In combination with the Committee Stage amendments made on 19 February 2008, this constitutes the substantial completion of the Finance Act drafting process.. Corporate and business taxation Further clarifications have been made to the rules for the calculation of the foreign tax credit available in respect of branch profits. The measure provides that companies should establish the amount of taxable profit attributable to branches on a branch-by-branch basis by reference to the profits arising to each branch and not by reference to a formula based on...