These emails are designed for those investing into the United Kingdom and those who have plans to do so. We aim to keep the points short and sweet, and to merely list snippets of relevant but easy to read information.
- The UK does not tax a non-resident on a gain on sale of a UK company. (Unless the seller is an individual who was previously resident).
- The UK has tax treaties with more countries than any other country.
- From 1 April 2023, the UK company tax rate is scheduled to be increased from 19% (whatever their size) to variable rates of 19% to 25%.
- The UK LLP is a legal person but is not a taxpayer.
- King Henry I allowed knights to opt out of their duties to fight in wars by paying a tax called “scutage”. At first the tax wasn’t high, but then King John came to power and raised it to a rate of 300%.
- Inheritance tax is levied on “transfers of value”, meaning; the estates of deceased persons, gifts made within seven years of death, and transfers into certain types of trust.
- Council tax is the system of local taxation used in England, Scotland and Wales to part fund the services provided by local government in each country. The basis for the tax is residential property.
- Although the UK is a large country covering about 93,600 square miles (150,635 square kilometres), nowhere in it is more than 70 miles (113 kilometres) from the sea.
- Research and Development (R&D) Tax Credits are a UK tax incentive designed to encourage companies to invest in R&D.
- The third largest source of government revenues is value added tax (VAT), charged at 20 percent – a tax on consumer expenditure.
This message is not given in the form of an opinion, legal opinion or tax advice. If any of the information provided is of interest or relevance to you or your company we would strongly recommend you contact us or another qualified professional for specific advice.