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Government DepartmentsTax Havens Buck European Property Slump 20-04-2009
Cyprus is Europe’s most attractive tax regime, survey finds 20-04-2009
Bank secrecy jurisdictions pledge to cooperate on tax data exchange
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London
Physical Facts |
|
| Population: | 10,000 resident. Employs approximately 340,000 |
| Location: | The City of London known as "The Square Mile" is the main financial district of London and is located in Central (East) London. |
| Area: | City of London 2.9km |
| Climate: | Temperate with warm wet summers and cool wet winters. January and February are the coldest months with July and August the warmest. |
| Transport | Air, Road, Sea, River |
| International Direct Dialling prefix: | 44 |
| Internet Country Code | .uk |
| Time difference on GMT: | 0 |
Administrative Facts: |
|
| Status: | Constitutional monarchy and Commonwealth realm. District of London controlled by the City of London Corporation but part of the United Kingdom. |
| Government: | Bicameral Parliament. House of Commons - members are elected by popular vote to serve five year terms. House of Lords. |
| Legal System: | Based on common law tradition with early Roman and modern continental influences; has nonbinding judicial review of Acts of Parliament under the Human Rights Act of 1998. |
| International Court Jurisdiction: | Accepts compulsory ICJ jurisdiction with reservations. |
| Language: | English |
| Education system: | Free education between 5-18. Compulsory until age 16. |
| UK Embassy: | |
| Residency/Working Requirements: | |
Fiscal Facts |
|
| Legal tender & currency: | Sterling |
| VAT: | 15% |
| Sales Tax: | |
| Banking: | 254 Foreign Banks (20% of international bank lending arranged in UK) |
| Annual Government Revenue & Expenditure: |
UK revenues: $1.107 trillion UK Expenditures: $1.242 trillion (2008 est.) |
| GDP: |
UK GDP $2772024million (world bank 2008). $526685million generated by London of which $110881million created by The Square Mile |
| Minimum wage: | £5.73 per hour. |
| Financial Services Regulation: | Financial Services Authority |
| Financial Services Regulation Contact Details: |
25 The North Colonnade Canary Wharf London E14 5HS Tel: +442070661000 Fax: +442070661099 |
Tax Facts |
|
| General: | UK has double tax treaties with over 100 countries |
| Corporate Tax: | 28% |
| Individual – resident: |
0-50% An individual in UK is resident when staying in the UK for more than 183 days in a tax year, or when having annual visits to the UK for 91 days in 4 consecutive years. A company is UK resident if incorporated in the UK, or when management is in the UK. |
| Individual – non-resident: | Tax is deducted at source for non residents:- Dividend - 0%, Interest - 20%, Royalties - 22% |
London
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Featured Provider Content of Jurisdiction 41
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Featured Provider Content of Jurisdiction 41
