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.
June 2022
- The UK has a population of about 68.4 million.
- The UK does not celebrate one particular national holiday.
- A UK Limited Liability Partnership (LLP) is a legal person yet is transparent for UK tax purposes – it is the members who are liable to tax.
- ‘National’ sporting teams might represent one of the four nations (such as in cricket and football – soccer), or the UK (‘Team GB’, the brand we know from the Olympics, is actually Team UK). In rugby union, Ireland is a joint team from Northern Ireland and the Republic of Ireland. The Lions rugby union team comes from the UK and the Republic of Ireland (officially ‘The British and Irish Lions’).
- The tax year is sometimes also called the ‘fiscal year’. A company’s accounting year, which has some relevance for corporation tax purposes, can be chosen by the company and often runs from 1 April to 31 March, in line with the fiscal year. The British personal tax year runs from 6 April to 5 April.
- Directors duties: UK law imposes strict fiduciary and other duties on directors of UK companies.
- Jersey and Guernsey (and certain other islands connected thereto) are together referred to as the Channel Islands. Jersey and Guernsey are each ‘crown dependences’. The Channel Islands, Jersey and Guernsey are not sovereign states, do not form part for the UK, and are not members of the European Union.
- Some laws in the UK apply throughout the UK, but some are peculiar to one or more ‘nations’ (or ‘jurisdictions’).
- UK company tax applies across the whole of the UK, meaning it applies to taxpayers in all four home nations – and only to those four nations.
- Scots law still has an element of Roman law (civil law) from 1,000 or so years ago, when it was completed independent of England. Its system today is thus a mixture of civil law and common law.
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.