Scotland
Scotland is part of the Kingdom of Great Britain and Northern Ireland. The country has a limited autonomous status. Recently, Scotland has attracted attention as a European jurisdiction that allows you to register an organization in the form of a limited partnership (Limited Partnership).
Under certain conditions, the company’s profits may be exempt from any taxation. With the right level of structuring, partnerships in the Scottish region can be a reliable business tool outside the UK.
SLPs are not subject to Corporation Tax. Income received by an SLP is considered to be the income of its members (partners) and is therefore taxed at the member level.
SLP members are required to declare their income in the country of which they are residents, in proportion to their shares. Thus, if the partners of the company are residents without tax zones, the Scottish company will be absolutely tax-free.
For tax purposes, the Partnership (as well as the English LLP) should avoid dealing with other legal entities. persons registered in the UK.
The LP company absolutely legally can NOT submit financial and tax reporting if:
-The company does not operate in the UK;
-The members of the company are not residents of the UK.
This fact greatly simplifies the life of the client and saves money and time on the preparation and submission of reports.
Advantages:
-Scottish partnerships are not taxed.
-There is no need to submit reports to the Register.
-There is no need to submit tax returns.
-Scotland’s reputation is not questioned by any jurisdiction in the world.