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English to Chinese: Finance Report General field: Bus/Financial Detailed field: Accounting
Source text - English 6.2 UK tax considerations
6.2.1 Double tax treaty with PRC
The UK has concluded a Double Tax Treaty with PRC which overrides certain domestic tax rules. Where relevant, we have highlighted the specific provisions of the tax treaty which direct a particular tax treatment to apply.
6.2.2 Tax on dividend receipts
Dividends received by a UK company are generally exempt, provided certain conditions are met. A full analysis of the UK distribution rules is outside the scope of this report.
6.2.3 Dividends paid by the UK holding company
As set out in 5.1.1, the UK does not impose withholding tax on dividends paid.
It should therefore be possible for dividends from the investee companies to flow through to PRC without the deduction of UK corporate income tax.
6.2.4 Capital Gains
Any gains made by a UK company from the sale of shares should generally be exempt from corporate income tax, provided certain conditions are met under the Substantial Shareholdings Exemption (“SSE”).
Broadly, SSE will apply where, throughout a continuous twelve-month period (beginning not more than two years before the disposal) the investing company held a ‘substantial shareholding’ in the investee company. Both the investing company and the investee company must be a trading company or a member of a trading group.
A ‘substantial shareholding’ for these purposes generally means a minimum interest of 10%.
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Bio
I am a native Chinese speaker, who studied, worked and lived in the UK since 2003. Although new to Proz, I have more than four years’ experience working on Chinese/English interpretation and translation. Before becoming a freelance translator, I used to work in a finance institution as an Equity Senior Analyst. My academic background and working experience in the finance sector enable me to provide quality interpretation/translation at high level of technical complexity; and I am happy to take jobs from other sectors too.
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