The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain is a
sovereign state located off the northwestern coast of continental
Europe. It is an island country spanning Great Britain, the
northeast part of Ireland, and many small islands.
The UK is a developed country, with the fifth largest economy in
the world, the UK has a gross domestic product (GDP) of US$2,345
billion (Source: World Bank, 2007) and is forecast to have the
strongest business environment of all major European economies for
the period 2007 to 2011 (Source: EIU, 2007).
With a population of 60.6 million (Source: ONS, 2007) and
unemployment well below the EU average, the UK has a strong
workforce to support the economy.
It is a leading global trading nation, as the second largest
exporter and third largest importer of commercial services, and the
seventh largest exporter and fourth largest importer of merchandise
(Source: World Trade Organization, 2007).
The UK has a corporate tax rate lower than any other G7 country
with a headline rate of 28 per cent (introduced in April 2008). An
extensive network of double taxation treaties ensures that overseas
businesses coming over here will not have their income taxed twice.
Generous tax allowances such as R&D tax credits add to the UK’s
attraction for overseas investors.Personal tax rates are also
highly competitive and individuals becoming UK residents are
entitled to a basic tax-free allowance.