The most popular Scottish LP received as trading companies. This became possible due to the fact that the income of a foreign person will be taxed in the UK, if they are either obtained from carrying out business activities in the UK, or received from sources in the UK. Thus, the activities of Scottish LPs, all of whose members are not UK tax residents and do not receive the above income, will in fact not lead to taxation in the UK. As a rule, companies registered in the territory of classic offshore companies, such as the British Virgin Islands or Seychelles, are used as participants. Therefore, in fact, the taxation procedure for offshore LPs is comparable to the taxation procedure for an ordinary offshore company. In open sources, such Scottish LPs have come to be known as “offshore LPs” or “tax-free LPs”. Due to the specifics of taxation, offshore LPs are used in practice as an alternative to a classical offshore company, but at the same time, as a rule, claims by counterparties regarding the jurisdiction of registration do not arise since the UK is a country popular enough for international business operations and the current legislation allows tracking issues of financial activity of persons registered on its territory.
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