The United Kingdom (UK) is located off the north-western coast of continental Europe. The capital of the United Kingdom is London, and the official language is English.
The United Kingdom has historically played a leading role in developing parliamentary democracy and in advancing literature and science. Today, the United Kingdom is a modern and prosperous European nation. As one of five permanent members of the United Nations (UN) Security Council, a founding member of the North Atlantic Treaty Organisation (NATO), and a member of the Commonwealth, the United Kingdom pursues a global approach to foreign policy. The United Kingdom is also currently a member of the European Union (EU), although it chose to remain outside the Economic and Monetary Union, and so retained the pound sterling (GBP) as its currency rather than adopting the euro. A public referendum concerning the United Kingdom’s continuing membership in the European Union was held on 23 June 2016. The result of the referendum was to leave the European Union (the so-called ‘Brexit’), although the timing and arrangements for that remain uncertain. In order to leave the European Union, the United Kingdom invoked Article 50 of the Treaty on the Functioning of the European Union (TFEU) in March 2017, and this triggered a two-year exit procedure. This has since been extended to 31 October 2019. The implications will depend to a substantial extent on the terms on which exit is agreed and, therefore, remain unclear at this stage. Consequently, a number of the comments included in the UK tax summaries may no longer apply or will change as a consequence of the United Kingdom leaving the European Union.
The United Kingdom, a leading trading power and financial centre, is one of the quintet of trillion dollar economies of Western Europe. Services, particularly banking, insurance, and business services, account by far for the largest proportion of gross domestic product (GDP). Specialist engineering, aerospace, biotechnology, pharmaceuticals, and information technology are lead sectors, and the United Kingdom has relative strengths in the new digital technology sectors that have emerged over the past decade or so (AI, fintech, digital media, etc.), while the manufacturing industry continues to decline in importance. Agriculture is intensive, highly mechanised, and efficient by European standards, producing about 60% of food needs with less than 2% of the labour force. The United Kingdom has significant but declining natural gas and oil resources and is a net importer of energy.
PwC in the United Kingdom offers assurance, tax, and advisory services at multiple locations. PwC's tax consultancy helps businesses and individuals understand the impact of taxation on business decisions.