United Kingdom-Business Environment

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Published: 06 Oct 2008 17:47:09 PST

Standards

Domestic framework and international association: The UK is a member body of the International Organization for Standardization and a full member of the International Electrotechnical Commission. It is also a member state of the International Telecommunication Union.
There are also some specific EU standards: European Committee for Electrotechnical Standardization (CENELEC), European Telcommunications Standards Institute (ETSI), European Committee for Standardization (ECS), handling all other standards.

Independence of justice: Judiciary is completely independent in U.K.
Equal treatment of nationals and foreigners: Britain has large numbers of immigrants and locally born children of immigrants, who receive equal treatment under the law. In practice, their living standards are lower than the national average, and they complain of having come under increased suspicion since the July 2005 terrorist attacks in London and the alleged foiled plot in August 2006.
The language of justice: English
Having recourse to an interpreter: In case of penal action, an interpreter should be made available for individuals who do not speak or understand English sufficiently. Interpreters should be registered with the NRPSI (National Register of Public Service Interpreters).
Sources of the law and legal similarities: United Kingdom is a constitutional monarchy based on parliamentary democracy. In the absence of a written constitution, the main source of the law in the country is the common law with early Roman and modern continental influences. Scotland has a separate legal system. UK accepts compulsory ICJ (International Court of Justice) jurisdiction but with reservations. Being a member of the EU, the national law in UK needs to comply with the conditions of the Community legislation.

Domestic network and international agreements: The UK Intellectual Property Office, The Department for Innovation, Universities and Skills (DIUS).
The United Kingdom is part of the Agreement of Paris for the protection of industrial property and of the Agreement establishing the World Intellectual property Organization (WIPO). The United Kingdom signed the Patent Co-operation Treaty and the Agreement of Nice.

Type	Text	Date entered into law	Period of validity	Remarks
Patent	Patent Act	1977	Period of validity 20 years

Tax rate: 17,5%
Reduced tax rate: 0% and 5%
Other consumption taxes: All informations are available on the website HM revenue and customs.

Tax rate for resident companies: 19%
Tax rate on long-term capital gains: In the United Kingdom, for companies, capital gains are subject to tax at the marginal rate of corporation tax. .
System governing groups of companies and dividends paid by subsidiaries to their parent companies: Dividends are subjected to a payment at the source with a maximum rate from 15% on their gross amount. It entitles to a tax credit under certain conditions (within the framework from the ACT, the agreement foresees that a French company which have at least 10% from the rights to vote from a distributor company, resident from the United Kingdom, can benefit from the British tax credit).
Group Relief:
Admittance to the regime: Option within the 2 years from the fence from the fiscal year in conformance with the demand which is sent.
Particular conditions: Agreement from the fiscal administration on the regime from exemption.
Taxes affected: corporate tax, VAT.
Tax rate on branches: Branches are imposed on the corporate tax or the income tax, on land taxes and on VAT.

Tax rate: 10% of taxable income
Allowable deductions and tax credit: Personal allowances.
Expenses incurred in the performance of professional duties.
Some share-incentive, pension and savings schemes may confer tax advantages.

Tax year: The fiscal year begins on April 5th and ends on April 4th of the next year.
Accounting standards: English companies must keep account books where are registered all the operations of the company and establish annual accounts including an annual report, a profit and loss account, a balance sheet, a table of financial flows, an appendix, an opinion of the auditors, a statement upon losses and earnings recorded, the comparison between the movements of interests of the shareholders and a note upon the result on historical costs basis.
Accounting reports
Accountancy profession: Only the "Chartered accountants" and "Certified accountants" are authorized and have the possibility given by the accounting commission to exercise a mission of audit or auditorship.
Certification and auditing: Audit Commission and National Audit Office (NAO).