About the United Kingdom
The United Kingdom – comprising England, Scotland, Wales and Northern Ireland – has a total population of 67.22 million (2020) and is one of the most internationally orientated countries in the world. Apart from its European neighbours, it enjoys particularly close links with the US and the 53 countries of the Commonwealth of Nations. These Commonwealth countries span Africa, Asia, the Americas, Europe and the Pacific and are diverse – they are amongst the world’s largest, smallest, richest and poorest countries.
London, the capital city, has been a leading international financial centre since the 19th century, acting as a centre of lending and investment around the world. It continues to maintain a leading position as a financial centre in the 21st century, and maintains the largest trade surplus in financial services around the world.
English is widely used as the lingua franca of global business and English contract law has been adopted widely for international finance and commerce. English Common Law is the most popular legal system in the world, not only because it applies to the largest slice of the world’s population but also because it is used in 27% of the 320 world’s legal jurisdictions.
The UK is considered a secure investment location boasting excellent professional, communications and physical infrastructure. International air travel connections are complemented by the Channel Tunnel, which links southern England and northern France and allows for direct intercity rail connections across Europe.The UK also benefits from its position between the Asia and US time zones, enabling business to operate from the end of the Asian working day to the beginning of the working day on the US west coast.
The UK has enacted highly flexible, cost-effective company legislation and its markets are fully open to foreign investors. The corporation tax rate is the lowest in the G7 at 19%. The UK has entered into Double Taxation Agreements (DTAs) with more than 147 countries, creating one of the largest and most effective tax treaty networks worldwide.
The UK’s position, both geographically and business, puts it at the centre of a diverse collection of markets and sectors. The UK continues to be a leading destination for foreign direct investment and presents opportunities for investors in UK market as well as a platform for global expansion. The UK is one of the most tax friendly jurisdictions for companies. No withholding tax is charged on dividends paid by UK companies to individual and corporate shareholders, regardless of their country of residence and registration. The UK has the world’s largest and most effective tax treaty network, covering more than 140 partners. Sovereign offers company formation and management in the UK across all business areas and corporate structures, together with the administrative support to maximise opportunities and achieve long-term sustainability. These range from full back-office solutions to assistance with compliance in respect of regulatory, tax and economic substance rules.
Sovereign’s Private Client services assist families and entrepreneurs around the world to structure their assets to support personal, family, commercial and charitable interests. Sovereign has the depth of technical expertise to identify and create the optimum solution for our clients’ needs, whether that be asset protection, estate or succession planning. Sovereign has more than 30 years’ experience of establishing and managing various types of trust both in the UK and overseas. Trusts can provide great advantages for estate and succession planning, particularly for individuals who are changing, or planning to change, their domicile, residence or citizenship. We have a particular specialism in advising high net worth individuals on complex issues and interactions between UK immigration and tax law including pre-immigration tax planning, tax residence, settlement, naturalisation and domicile.
Sovereign provides a selection of award-winning UK and international retirement planning products and solutions. These include Self-Invested Personal Pensions (SIPPs) and Small Self-Administered Schemes (SSAS) in the UK. SIPPs are a UK-registered personal pension arrangement that is available to both UK residents and expatriates. Typically favoured by savers seeking additional investment options or increased flexibility at retirement, a SIPP can be funded by new contributions or the transfer of existing pension plans. All UK SIPP providers are regulated by the UK’s Financial Conduct Authority. A SSAS is an individual occupational pension scheme that can be established by directors of UK-registered companies for the provision of retirement benefits. It has wide-ranging investment capabilities, including the ability to provide a secured lending facility to scheme participants and to acquire commercial property.