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United Kingdom Tax Guide

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United Kingdom Tax Guide 2016/17 United Kingdom FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there double tax treaties in place? How will foreign source income be taxed? Since 1994, the PKF network of independent member firms, administered by PKF International Limited, has produced the PKF Worldwide Tax Guide (WWTG) to provide international businesses with the answers to these key tax questions. As you will appreciate, the production of the WWTG is a huge team effort and we would like to thank all tax experts within PKF member firms who gave up their time to contribute the vital information on their country's taxes that forms the heart of this publication. The PKF Worldwide Tax Guide 2016/17 (WWTG) is an annual publication that provides an overview of the taxation and business regulation regimes of the world's most significant trading countries. In compiling this publication, member firms of the PKF network have based their summaries on information current on 30 April 2016, while also noting imminent changes where necessary. On a country-by-country basis, each summary such as this one, addresses the major taxes applicable to business; how taxable income is determined; sundry other related taxation and business issues; and the country's personal tax regime. The final section of each country summary sets out the Double Tax Treaty and Non-Treaty rates of tax withholding relating to the payment of dividends, interest, royalties and other related payments. While the WWTG should not to be regarded as offering a complete explanation of the taxation issues in each country, we hope readers will use the publication as their first point of reference and then use the services of their local PKF member firm to provide specific information and advice. Services provided by member firms include: Assurance & Advisory; Financial Planning / Wealth Management; Corporate Finance; Management Consultancy; IT Consultancy; Insolvency - Corporate and Personal; Taxation; Forensic Accounting; and, Hotel Consultancy. In addition to the printed version of the WWTG, individual country taxation guides such as this are available in PDF format which can be downloaded from the PKF website at www.pkf.com PKF Worldwide Tax Guide 2016/17 1 United Kingdom IMPORTANT DISCLAIMER This publication should not be regarded as offering a complete explanation of the taxation matters that are contained within this publication. This publication has been sold or distributed on the express terms and understanding that the publishers and the authors are not responsible for the results of any actions which are undertaken on the basis of the information which is contained within this publication, nor for any error in, or omission from, this publication. The publishers and the authors expressly disclaim all and any liability and responsibility to any person, entity or corporation who acts or fails to act as a consequence of any reliance upon the whole or any part of the contents of this publication. Accordingly no person, entity or corporation should act or rely upon any matter or information as contained or implied within this publication without first obtaining advice from an appropriately qualified professional person or firm of advisors, and ensuring that such advice specifically relates to their particular circumstances. PKF International Limited (PKFI) administers a family of legally independent firms. Neither PKFI nor the member firms of the network generally accept any responsibility or liability for the actions or inactions of any individual member or correspondent firm or firms. PKF INTERNATIONAL LIMITED JUNE 2016 © PKF INTERNATIONAL LIMITED All RIGHTS RESERVED USE APPROVED WITH ATTRIBUTION PKF Worldwide Tax Guide 2016/17 2 United Kingdom STRUCTURE OF COUNTRY DESCRIPTIONS A. TAXES PAYABLE NATIONAL TAXES AND LEVIES COMPANY TAX CAPITAL GAINS TAX BRANCH PROFITS TAX VALUE ADDED TAX (VAT) FRINGE BENEFITS TAX (FBT) LOCAL TAXES OTHER TAXES B. DETERMINATION OF TAXABLE INCOME TRADING PROFITS DEPRECIATION STOCK / INVENTORY CAPITAL GAINS AND LOSSES DIVIDENDS INTEREST DEDUCTIONS LOSSES FOREIGN SOURCED INCOME INCENTIVES C. FOREIGN TAX RELIEF D. CORPORATE GROUPS E. RELATED PARTY TRANSACTIONS F. WITHHOLDING TAX G. EXCHANGE CONTROL H. CORPORATION TAX (NORTHERN IRELAND) BILL I. PERSONAL TAX INHERITANCE TAX (IHT) J. TREATY AND NON-TREATY WITHHOLDING TAX RATES PKF Worldwide Tax Guide 2016/17 3 United Kingdom MEMBER FIRM For further advice or information please contact: City Name Telephone Email Birmingham Stephen Bryan +44 7881 502903 [email protected] Edinburgh Susie Walker +44 131 220 2203 [email protected] Exeter Stuart Rogers +44 1392 667000 [email protected] London Chris Riley +44 207 516 2427 [email protected] London Shakunt Shah +44 208 515 2804 [email protected] Northern Ireland Paddy Harty +44 2830 261010 [email protected] BASIC FACTS Full name: United Kingdom of Great Britain and Northern Ireland Capital: London Main language: English Population: 65 million (2015 estimate) Major religion: Christianity Monetary unit: Pound Sterling (GBP) Internet domain: .uk Int. dialling code: +44 Tax authority: HM Revenue & Customs (‘HMRC’) KEY TAX POINTS • A company resident in the UK is generally chargeable to Corporation Tax on all its sources of income and capital gains, wherever arising. Companies with overseas permanent establishments may however make an election to exempt profits and losses from those permanent establishments from UK tax if conditions are met. • Dividends received by UK companies from both UK and non UK companies are generally exempt from Corporation Tax if conditions are met. These conditions are stricter for smaller recipient companies. • Where income or gains arising overseas is taxable on a UK resident company due to the conditions for exemption not being met, double taxation relief is available in respect of foreign tax suffered. • Non-resident companies are liable to Corporation Tax if they carry on a trade in the UK through a permanent establishment in the UK. Capital gains arising on a non-resident company in respect of the sale of assets used in, or for the purposes of a trade carried on through a UK permanent establishment are also subject to Corporation Tax. • Controlled foreign companies (CFC) legislation is in place to ensure that profits diverted from the UK to subsidiaries resident in low tax jurisdictions are included in a controlling UK company's taxable income. • Transfer Pricing rules impute arm’s length pricing to transactions between connected parties whether located overseas or in the UK. For Small or Medium sized entities (SMEs) the application of the rules are generally restricted to transactions with countries with which the UK does not have a suitable double tax treaty. • The ‘Diverted Profits Tax’ came into force in April 2015. This imputes a tax charge of 25% on profits ‘artificially diverted’ from the UK through transactions which have no economic substance, where the arrangements are not otherwise caught by CFC or Transfer Pricing rules. As this new tax is not covered by UK Tax treaties, the charge may not be creditable for overseas tax purposes. PKF Worldwide Tax Guide 2016/17 4 United Kingdom • Country-by-Country reporting regulations apply to multi-national groups with a UK parent company and turnover of £586m or more. For accounting periods commencing on or after 1 January 2016, such entities must provide HMRC with an annual report which discloses certain financial and fiscal information for each country in which the group carries on its business. • VAT is charged on the supply of most goods and services in the UK, the acquisition in the UK from other EU Member States of any goods, and the importation of goods from places outside the EU Member States. • Income Tax at 20% must be withheld from payments of interest or royalties, although from April 2016 banks will cease to be required to deduct Income Tax from certain payments of interest, principally where the recipient is a UK resident individual. Double Tax treaties reduce or remove this charge in many cases, but this must be claimed formally from HMRC prior to making any non-withholdable payment. There is no withholding tax on dividends, wherever the recipient is based. • Resident and UK domiciled individuals are subject to Income Tax on their worldwide income as it arises. Non-residents are normally only subject to Income Tax on income arising in the UK. • UK resident but non-UK Domiciled individuals can choose to be taxed only on their Income and Capital gains arising in the UK together with Income and Gains remitted to the UK from overseas in a given tax year (the Remittance Basis). However, long term residents are required to pay an annual charge to qualify for this treatment. • Non-domiciled individuals who come to work in the UK, and who were not resident in the UK for any of the previous three tax years, can claim overseas work day relief for the first three tax years following arrival in the UK. • A UK domiciled or deemed domiciled individual is potentially subject to Inheritance Tax on the transfer of any property owned by him, whilst a non-UK domiciled individual may only be subject to Inheritance Tax on the transfer of property situated in the UK. Inheritance Tax is a combination of gift and death tax. • From 6 April 2015, non-residents owning UK residential property will be subject to Capital Gains Tax in respect of gains arising on disposal of that property. In most cases, only increases in value from that date will be subject to charge. • UK residential property owned by non-natural persons (e.g. companies) is subject to an annual tax (Annual Tax on Enveloped Dwellings) but there are reliefs where the property is used in certain property businesses, including letting.
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