United Kingdom

Country Information

Continent Europe
GDP (2012 est.) $2.313 trillion (2012 est.)
Currency & Exchange Rate British pounds (GBP) per US dollar 0.63
Dialling Code
+44

Exploration & Production Companies

BG Group, BP, Cairn Energy, Centrica, Perenco, Premier Oil, Royal Dutch Shell, Salamander Energy, Stone Enterprises, Tullow Oil.

Oil fields greater than 1 billion barrels

Clair, Forties.

International Tax Regime

Residential taxation: foreigners taxed on local income; residents taxed on local and overseas income.

Individuals Are Regarded as Tax Residents If

They spend 183+ days there a year; they spend on average 91+ midnights there over 4 years; they usually live there with a home and domestic life there (despite frequent trips abroad).

Income Tax Rates

20% from £ 0.00 up to £ 35’000 (basic rate)

  • 40% from £35'001 up to £150'000 (higher rate)
  • 45% over £150'000 (additional rate)

A personal allowance of £ 9,205.

Social Security

  • 13.80% for employers on weekly earnings above £ 139, with no ceiling
  • 12.00% for employees on weekly earnings between £ 139 and £ 817 and dropping to 2% therafter

Contributions are collected under the Pay-as-you-Earn (PAYE) system.

Witholding Tax

Crude oil - production(bbl/day) 1,009,000
Crude oil - exports(bbl/day) 740,000
Crude oil - imports(bbl/day) 965,400
Crude oil - proved reserves(bbl) 3,122,000,000
Refined petroleum products - production(bbl/day) 1,549,000
Refined petroleum products - consumption(bbl/day) 1,608,000
Natural gas - production(cu m) 40,990,000,000
Natural gas - proved reserves(cu m) 246,000,000,000

Climate

Temperate; moderated by prevailing southwest winds over the North Atlantic Current; more than one-half of the days are overcast.

Location

Western Europe, islands - including the northern one-sixth of the island of Ireland - between the North Atlantic Ocean and the North Sea; northwest of France.

CCL Country Manager

Contact Details

Name:

Direct:

Email:

LinkedIn:

Jon Cox

+44 (0) 208 333 4156

jon.cox@cclglobal.com

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CONTRACTS CONSULTANCY LTD
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