Taxation Systems Comparison in 2024
Country | Ireland | Northern Ireland | Scotland | Wales | UK |
---|---|---|---|---|---|
Summary at a Glance | |||||
Corporate tax rate for trading income? | 12.5% | 25% | 25% | 25% | 25% |
Corporate tax rate for non-trading income? | 25% | 25% | 25% | 25% | 25% |
Effective Average Tax rate (EATR)? | 11.3% | 19.4% | 19.4% | 19.4% | 19.4% |
Withholding taxes payable on dividends distributed by a resident company to a non-resident company? | 25% | 0% | 0% | 0% | 0% |
VAT rate? | 23% | 20% | 20% | 20% | 20% |
Corporate taxation | |||||
Annual filing of financial statements required? | Yes | Yes | Yes | Yes | Yes |
Corporate tax rate? | 12.5% | 25% | 25% | 25% | 25% |
Alternative minimum tax? | No | No | No | No | No |
Effective Average Tax rate (EATR)? | 11.3% | 19.4% | 19.4% | 19.4% | 19.4% |
Taxation of dividends received by the entity? | Yes | No | No | No | No |
Taxation on trading income? | Yes | Yes | Yes | Yes | Yes |
Capital gains taxation? | 33% | No | No | No | No |
Link to main tax incentives/exemptions? | Link | Link | Link | Link | Link |
Withholding taxation | |||||
On dividends? | 25% | 0% | 0% | 0% | 0% |
On interest paid? | 20% | 0%-20% | 20% | 20% | 20% |
On royalties paid? | 20% | 0%-20% | 20% | 20% | 20% |
Technical service fees? | 0% | 0% | 0% | 0% | 0% |
Branch remittance tax? | 0% | 0% | 0% | 0% | 0% |
Other Corporation Taxes | |||||
Capital duty? | 0% | 0% | 0% | 0% | 0% |
Payroll taxes? | 0% | 0% | 0% | 0% | 0% |
Social security contributions? | 10.75% | 13.8% | 9%-13.8% | 9%-13.8% | 9%-13.8% |
Stamp duty land tax? | 1%-6% | 0%-12% | 0%-12% | 0%-12% | 0%-12% |
Is land transaction tax payable to local government? | Yes | No | Yes | Yes | Yes |
Landfill tax? | US$97.6 / tonne | US$3.6 / tonne for less pollution material, US$116 / tonne otherwise | US$3.6 / tonne for less pollution material, US$116 / tonne otherwise | US$3.6 / tonne for less pollution material, US$116 / tonne otherwise | US$3.6 / tonne for less pollution material, US$116 / tonne otherwise |
Is landfill tax payable to the local government? | Yes | No | Yes | Yes | Yes |
Anti-avoidance taxation rules | |||||
Thin capitalization requirement? | No | Yes | Yes | Yes | Yes |
Specific anti-avoidance rules? | Yes | Yes | Yes | Yes | Yes |
Compliance requirements | |||||
Tax year usually follows calendar year? | Yes | No | No | No | No |
Link re penalties for late tax filings? | Link | Link | Link | Link | Link |
Personal taxation | |||||
Taxable income? | > US$14,011 | > US$15,414 | >US$40,974 | > US$15,414 | >US$43,576 |
Link to income tax rates? | Link | Link | Link | Link | Link |
Capital gains taxation? | 33% | 18% / 28% | 10%-20% | 10%-20% | 10%-20% |
Deductions and allowances? | Yes | Yes | Yes | Yes | Yes |
Net wealth/net worth taxes? | 0% | 0% | 0% | 0% | 0% |
Inheritance taxes? | 33% | 40% after US$422,734 | 40% after US$422,734 | 40% after US$422,734 | 40% after US$422,734 |
Value added tax | |||||
VAT Rates? | 23% | 20% | 20% | 20% | 20% |
VAT Registration required? | Yes | Yes | Yes | Yes | Yes |
Link to tax treaties? | 74 | 148 | 148 | 148 | 148 |
Link to tax authority website? | Office of the Revenue Commissioners | HM Revenue & Customs | Revenue Scotland | Welsh Revenue Authority | HM Revenue & Customs |