The United Kingdom applies a reduced rate of 5% VAT on certain categories of goods and services
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The standard rate
Corporate tax, not applicable to profits from property rights and oil extraction 20%. An enterprise has a tax residence in the United Kingdom, if it is incorporated in the United Kingdom or if the head office of its central management and control is in the United Kingdom. A company resident in the United Kingdom pays corporation tax on its worldwide profit with a tax credit for most of the taxes paid in the overseas territories. A non-resident enterprise shall be taxed only on its local profits and on the taxable gains of its permanent establishment in the United Kingdom and on any investment activity based on local-source income. The foreign-source profits of the permanent establishment are not taxed or eligible for tax credits. To prevent your company from being the target of tax investigations in London
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Real Estate Investment Trusts (REITs) are resident companies listed on a recognized stock exchange and may be exempt from income or profits from the rental of real estate. If they choose to do so, they must distribute substantial profits. A REIT must also deduct 20% of taxes from certain dividends. Group tax relief applies differently to resident and non-resident companies.
Taxation of capital gains
Capital gains are part of the taxable income of companies, but are exempt if they result from the sale of interests in British or foreign companies. A 28% capital gains tax applies on the sale of a UK residential property with a value of more than GBP 1 million (previously set at GBP 2 million before 1 April 2015), which previously Was subject to the annual tax on high-value residential property (ATED).
Deductions and tax credits
In general
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Mecano Kit Homes Australian steel kit home manufacturer
Posted On : Mar-18-2011 | seen (223) times | Article Word Count : 384 |
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