London

The British Pound or pound sterling holds the title as the oldest currency still in use today.  Its origins date back to around 760 when King Offa of Mercia introduced the silver penny, which quickly became known throughout the Anglo-Saxon kingdoms and became the standard coin  in what is now known as  England.

The UK currency is in  pounds sterling (£ or GBP). There are 100 pence (p) to the pound (£). Notes come in denominations of £5, £10, £20 and £50. Coins come in 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2.

 Currency Exchange in London

Following the recent referendum vote to leave the European Union, the UK continues to use the pound. There are numerous bureau de change in London and they are situated inside banks, travel agents, post office, airports, shopping malls like Marks and Spencer, and major train stations like London Waterloo. Find the current exchange rates in your currency.

 Taxes  

 HM Revenue & Customs collects tax to pay for public services. Each year the Chancellor's Budget sets out how much it'll cost to provide these services and how much tax is needed to pay for them. Key taxes that individuals may have to pay include: Income Tax, Capital Gains Tax, Inheritance Tax, Stamp Duty, Value Added Tax (VAT) and certain other duties.

Tax for local services

As well as paying tax to pay for public services you may have to pay Council Tax to help pay for local services like policing and refuse collection. The amount of Council Tax you pay depends on the 'valuation band' your home is in and the Council Tax rates set by your local council. For more information on Council Tax and how you pay it read follow the link below. If you require more information on the UK Tax System, please visit http://www.direct.gov.uk/

Helpful Tips

Depending on your terms and conditions, Shell may assist you (not your partner) in the Tax Return for the UK. The tax return in your base country is always your responsibility.

Individual Tax Advisors

If you require the advice of a Tax Advisor, you may contact Outpost for recommendations. We have heard of community members who had positive experiences with representatives from Jaffe & Co (www.jaffeandco.com) and Buzzacott (http://www.buzzacott.co.uk/) Assistance of a Tax Advisor will at your own expense.

 

Useful Internet Links:

History of the British Pound - currency information

Visit London - traveller information and essential guide on British money

GBP - The British Pound from XE.com

HM Revenue & Customs

A guide to UK Taxation

Taxation in the UK - Wikipedia

 

 Last Updated: 26 July  2017