Scotland tax system - taxation of Scottish companies and individuals: VAT, income tax and capital gains. Tax treaties of Scotland.
Basic taxes (briefly)
| Personal tax | 45% |
|---|---|
| Corporate tax (in detail) | Income tax is not paid by the partnership. Instead, partners include the current income of the partnership in their share of their taxable profit / income, without waiting for the distribution of the partnership's income. |
| Capital gains tax. Details | |
| VAT. Details | The standard VAT rate is 20%, reduced - 5%, zero -0%. Certain goods and services are exempt from VAT or are outside the UK VAT system. |
| Other taxes | |
| Government fee | |
| Stamp duty | 0.5% |
International tax agreement
| Australia, Austria, Azerbaijan, Algeria, Albania, Argentina, Armenia, Bahrain, Bangladesh, Barbados, Belarus, Belize, Belgium, Bulgaria, Bolivia, Bosnia and Herzegovina, Bulgaria, Botswana, Brunei, Hungary, Venezuela, Vietnam, Guyana, Gambia, Ghana, Germany, Guernsey, Hong Kong, Greece, Grenada, Georgia, Denmark, Jersey, Egypt, Zambia, Zimbabwe, Israel, India, Indonesia, Jordan, Ireland, Iceland, Spain, Italy, Kazakhstan, Cayman Islands, Canada, Qatar, Kenya , Cyprus, Kiribati, China, Colombia, Korea, Kosovo, Cote d'Ivoire, Kuwait, Latvia, Lesotho, Libya, Lithuania, Liechtenstein, Luxembourg, Mauritius, Macedonia, Morocco, Mexico, Malawi, Malaysia, Malta, Moldova, Mongolia, Montserrat, Myanmar, Namibia, Nigeria, Netherlands, New Zealand, Norway, UAE, Oman, Isle of Man, Pakistan, Panama, Papua New Guinea, Poland, Portugal, Russian Federation, Romania, Saudi Arabia, Swaziland, Senegal, Serbia, Singapore, Slovakia, Slovenia, Solomon Islands, Sierra Leone, Sudan, USA, Tajikistan, Thai Land, Trinidad and Tobago, Tunisia, Tuvalu, Turkmenistan, Turkey, Uganda, Uzbekistan, Ukraine, Uruguay, Faroe Islands, Fiji, Finland, Philippines, Falkland Islands, France, Croatia, Montenegro, Czech Republic, Chile, Sweden, Switzerland, Sri Lanka , Estonia, Ethiopia, South Africa, Jamaica, Japan | |
| Anguilla, Antigua and Barbuda, Aruba, Bahamas, Belize, Bermuda, Brazil, British Virgin Islands, Guernsey, Gibraltar, Grenada, Jersey, Dominica, Curacao, Liberia, Liechtenstein, Macau, Marshall Islands, Isle of Man, San Marino, Saint Martin, Saint Vincent and the Grenadines, Saint Kitts and Nevis, Saint Lucia, Turks and Caicos, Uruguay |
Taxation of Scottish Partnerships
The Scottish partnership is regarded as a legal entity.
At the same time, a Scottish partnership, like other partnerships in the UK, is “transparent” for tax purposes. This means that the partnership does not pay corporation tax. Instead, partners include their share in the partnership’s current income in their own taxable profit/income, without waiting for the distribution of the partnership's income.
Partners are taxed in accordance with general tax rules adopted in the UK and/or the country in which they conduct business.
If the partners do not conduct business in the UK or receive income in the UK, then they will not be taxed in the UK.
Being tax “transparent”, a partnership cannot take advantage of UK double taxation treaties.
Taxes of Scotland
| Min. rate for corporate tax | |
|---|---|
| Capital gains tax | |
| VAT | 20% |
| Withholding tax | |
| Exchange control | No |