United Kingdom at a glance – July 2022

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.

July 2022

  1. The UK has ‘group relief’, where two or more commonly owned companies can offset losses in one against profits in another.
  2. There is no minimum share capital for a UK company.
  3. The UK does not have a dividend withholding tax; thus dividends can be paid by a UK company to any shareholder located anywhere without a dividend withholding tax.
  4. Killing a swam is illegal in the UK. If you kill one you get a fine of £5,000 or a 6-month sentence.
  5. Oliver Cromwell placed a tax on Royalists, who were his political opponents, taking one tenth of their property. He then used that money to fund his activities that were aimed against the Royalists.
  6. England has a tax on televisions. If you own a television in your home, you must pay an annual fee, formally called a television license.  This money is used to finance programming on the BBC.
  7. Colour televisions are taxed at a higher rate than black and white televisions. Interestingly enough, if a person is blind and owns a TX in his or her home, he or she still has to pay the tax, but less. Failure to pay this fee is subject to criminal penalties.
  8. The UK has withholding taxes on UK-sourced royalists and interest but not on management fees or technical service fees.
  9. The Queen, Elizabeth II, has visited over 115 counties, despite not having a passport.
  10. Income tax is the single largest source of government revenue in the United Kingdom, making up about 34 percent of the total, followed by National Insurance contributions at around 17.5 percent.

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. 

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