United Kingdom at a glance – May 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.

May 2022

  1. UK private companies (the Limited / Ltd) need only one director and that director can be resident anywhere and can be a national of any country.
  2. UK branch vs UK company. An overseas-based company with a branch in the UK must submit detailed financial statements (of the whole company) to Companies House, for all the world to see.
  3. GBP stands for Great British Pound – the official currency of the United Kingdom. Referred to as ‘pound sterling’ or simply the ‘pound’ or ‘sterling’. The symbol is £.
  4. The standard UK VAT rate is 20%. There is a reduced rate of 5% as well as a zero rate. Some things are exempt from VAT.
  5. ‘UK’ is an abbreviation for the ‘United Kingdom of Great Britain and Northern Ireland’. The island of Great Britain (or just Britain) comprises England, Scotland and Wales.
  6. That was the easy part. Under international law the UK is a sovereign state and as such is a member of the United Nations. Yet its constituent parts, Northern Ireland, Wales, England and Scotland are often referred to as countries, and also, especially in the UK, as nations or home nations.
  7. The UK’s legal system is common law; England is the ‘mother’ of common law around the world.
  8. The UK corporation tax rate is 19%.
  9. The UK has comprehensive double tax treaties with more than 130 countries – the most of any country.
  10. The highest court in the UK is the Supreme Court of the United Kingdom; before October 2009 it was the Appellate Committee of the House of Lords.

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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