UNITED KINGDOM

Executive Summary: Although the UK must be counted as business-friendly, with its superb professional services, a common law heritage, and straightforward company law, it is relatively highly taxed and there are few if any niches available by way of escape. The ffshore dependencies of Jersey, Guernsey and the Isle of Man (qv) do however provide low-tax possibilities, and there is a beneficial tax regime for on-doms those who do not have UK origins. The services sector is dominated by banking, finance and insurance, centred in the City of London. The UK has excellent telecommunications, extensive rail and road networks, including...

2020

A new government, led by Boris Johnson, and the looming Brexit deadline of 31 October has created a political outlook which is “fraught with uncertainty,” said the former City superwoman (pictured) in a recent blog post. “Britain’s controversial new prime minster doesn’t have a proper majority,” Horlick added. “A General Election in the next few months is more likely than not. If there’s a Corbyn-led Labour administration as a result, taxation of the passing on of wealth between generations is one of the first – and easiest to execute – items on the new government’s to do list. “The time...

CORPORATE & FIDUCIARY NEWS 2019

Property in the UK, particularly London, has always been popular for Chinese Investors. Within the last year, however, the UK Tax authorities have changed their stance and all investors are now exposed to new taxes. Historically, foreign investors would use structures to reduce their exposure to taxes. Typically, it would be purchased using structures such as trusts, special purpose vehicles, private investment companies, or similar offshore corporate entities. This was the preferred method to purchase UK property because of the generous tax benefits. Even when ATED (annual tax on enveloped dwellings) taxation was introduced, it had little impact until what...

INSURANCE SPONSORED CONTENT 2019

China contributed to a massive quarter of UK visas issued globally last year, according to the latest quarterly report on immigration statistics published by UK's Home Office.In the light of the statistics, more than 730,000 visas were issued to Chinese nationals in 2018, which equates to 25 percent of the total 2.9 million entry clearance visas granted, and represents an 11 percent increase from the previous year. Both Chinese visitors and students to the UK saw strong growth in numbers. According to the statistics, the number of  visitor visas issued to Chinese nationals last year increased by 11 percent  to...

IMMIGRATION BY INVESTMENT NEWS 2019

The Solicitors Regulation Authority of England and Wales has just announced a crackdown and investigation against 26 firms over alleged failures in their anti-money laundering procedures. The SRA move appears to arise, at least in part, out of its investigations and warning regarding tax avoidance issued to law firms in late 2017. Given that the both the original warning and the ensuing investigations raise potential money laundering issues, it may be that the SRA’s overarching objective is to ensure that law firms comply with not only with SRA regulations, but also the broader AML issues as the two are inextricably...

CORPORATE & FIDUCIARY NEWS 2019

What are the key advantages of your jurisdiction in terms of privacy & asset protection for a Chinese HNWI or Family (etc.) looking to succeed their assets to the next generation? The United Kingdom has an unparalleled depth of precedent for matters relating to trusts and the legal system is renowned globally for its fairness, equity and reliability. It is no coincidence that many international agreements are written under UK law regardless of whether the transaction has a UK based element. It is indeed a fact that the highest court of appeal for the UK dependent territories, the Supreme Court,...

FUNDS & FUNDS SERVICES JURISDICTION 2015

1. Industry research suggests that China will soon rank first in the world as a source of clients. Have you experienced an increase in demand for your company incorporation services from this region? Yes, we have increasing numbers of Chinese clients using UK companies and partnerships for investment and trading purposes in the UK, and within the broader EU market place.   2. What is the single most important advantage your jurisdiction provides for Chinese clients? The UK is an important gateway for Chinese clients into the UK and to Europe in general. Of the EU member countries, the UK is the fastest...

CORPORATE & FIDUCIARY JURISDICTION 2015

What is unique in your jurisdiction and why Chinese investors should form companies there? London is one of the world's leading financial centers and a hub forinternational trade and finance. With over 100 double taxation agreements,the UK is alsoan excellent location to establish holding companies for EU and globalgroups. For Chinese clients seeking to relocate, the UK offers unparalleledstandards of education and quality of life. What makes your jurisdiction different from other competitors forChinese investors? As a common law country within the EU, the UK combines a reliable andefficient legal system with the benefits of EU membership such as theparent/subsidiary...

CORPORATE & FIDUCIARY JURISDICTION 2014