under Subpart F. In addition, after 2017 10% U.S. shareholders of CFCs must include in their income currently their share of aggregate return on depreciable tangible assets in excess of 10% for CFCs in which they are shareholders. Corporations that are U.S. shareholders get to deduct 50% of this inclusion. Corporate U.S. shareholders are entitled to a foreign tax credit for their share of the foreign income taxes paid by a CFC with respect to E&P underlying a Subpart F inclusion. Creditable taxes are reduced by 20% for §951A inclusions. To prevent avoidance of Subpart F, U.S. shareholders of a CFC must recharacterize gain on disposition of the CFC shares as a dividend. In addition, various special rules apply. United Kingdom rules Controlled foreign company rules in the UK do not apply to individual shareholders, but otherwise they are similar to the U.S. rules. UK resident companies are subject to a charge for tax on undistributed income of low tax controlled foreign companies of which they are shareholders. Control for this purpose is not a mechanical test, rather one of factual control. However, control is considered to exist if the shareholder (or shareholder group of companies) owns 40% or more of voting interests. A controlled company is a controlled foreign company if it is tax resident outside the UK and it is subject to a charge to tax less than it would have been were it a UK resident company. This is determined by comparing the actual charge to tax to a corresponding UK tax. In computing the corresponding tax, lower UK rates of tax on small companies are considered. Further, there are taken into account certain adjustments to income and fiscal years. Certain exemptions apply. Generally, a foreign company will not be considered a controlled foreign company if it meets any of the following tests: It is tax resident in a "white list" of countries not considered to be tax havens, as maintained by HMRC, The foreign company maintains a policy whereby it distributed 90% or more of its available earnings each year (no longer applicable since 1 July 2009), The company qualifies for a De Minimis level of accounting profits being less than £200,000. This level of income has been in place since 1 January 2011. Previously the level was set at £50,000 of profits that would be chargeable to UK corporation tax if the company were UK