Tax Now Payable on Intangible Property to Generate UK Sales

Among several other changes to strengthen legislation on foreign or non-UK resident investments, the UK government have released information for overseas companies with branches in the UK. Going forward, income earned by overseas companies stemming from intangible property and consequently used to produce UK profit will now be subject to UK income tax from April 6th 2019.

UK Companies have to assess their own liability themselves, and any partners or subsidiary companies in the same group will be held jointly and individually liable for the tax, which will be calculated using gross revenue as opposed to profit.