Northern part of Great Britain; part of the United Kingdom

Location

Pound Sterling (GBP)

Currency

Legal System

Limited Partnerships (LPs), Private Limited Companies (Ltd)

Corporate Structures

Tax System

  • Scotland operates under the UK tax framework but has devolved powers to set distinct policies for income tax and business rates
  • No corporate tax for Limited Partnerships (LPs) if profits are earned outside the UK and partners are non-residents
  • Business rates relief schemes are available for small businesses and specific sectors such as hospitality

Legal Framework

  • Based on Scots Law; Limited Partnerships (LPs) are popular due to their tax transparency and flexibility
  • LPs require at least one general partner and one limited partner; general partners handle management while limited partners have liability limited to their investment

Advantages

  • No requirement for financial statements or audits for LPs with non-resident partners
  • High level of confidentiality; no public disclosure of partners' details
  • Can act as holding companies or intermediate trading entities

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