when was purchase tax introduced in the uk
1940
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Purchase Tax Purchase Tax was a tax levied between 1940 and 1973 on the wholesale value of luxury goods sold in the United Kingdom. Introduced on 21 October 1940, with the stated aim of reducing the wastage of raw materials during World War II, it was initially set at a rate of 33⅓%. The tax was subsequently set at differing rates dependent upon individual items' degree of "luxury" as determined by the government of the day. In connection with the accession of the UK to the European Economic Community (EU) Purchase Tax was abolished on 2 April 1973 and replaced
Purchase Tax
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Purchase Tax Purchase Tax was a tax levied between 1940 and 1973 on the wholesale value of luxury goods sold in the United Kingdom. Introduced on 21 October 1940, with the stated aim of reducing the wastage of raw materials during World War II, it was initially set at a rate of 33⅓%. The tax was subsequently set at differing rates dependent upon individual items' degree of "luxury" as determined by the government of the day. In connection with the accession of the UK to the European Economic Community (EU) Purchase Tax was abolished on 2 April 1973 and replaced
Purchase Tax
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by Value Added Tax (VAT), initially set at a rate of 10%, which was shortly afterwards reduced to 8%. Purchase Tax Purchase Tax was a tax levied between 1940 and 1973 on the wholesale value of luxury goods sold in the United Kingdom. Introduced on 21 October 1940, with the stated aim of reducing the wastage of raw materials during World War II, it was initially set at a rate of 33⅓%. The tax was subsequently set at differing rates dependent upon individual items' degree of "luxury" as determined by the government of the day. In connection with the accession
Purchase Tax
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because the tax is paid to the government by the seller (the business) rather than the person who ultimately bears the economic burden of the tax (the consumer). Opponents of VAT claim it is a regressive tax because the poorest people spend a higher proportion of their disposable income on VAT than the richest people. Those in favour of VAT claim it is progressive as consumers who spend more pay more VAT. Between October 1940 and March 1973 the UK had a consumption tax called Purchase Tax, which was levied at different rates depending on goods' luxuriousness. Purchase Tax was
Value-added tax in the United Kingdom
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from taxation and the rest from borrowing. Simon's April 1940 budget kept income tax at 7s 6d – a "Punch" cartoon expressed a widely-held view that it should have been increased to 10s (50%). Tax allowances were increased. Postal charges were increased, as were charges on tobacco, matches and alcohol. Purchase tax, an ancestor of today's VAT, was introduced. In April 1940 he rejected Maynard Keynes' idea of a forced loan (taxation disguised as a compulsory purchase of government securities). Keynes wrote a coruscating letter of rebuke to "The Times". Simon found himself criticised, from opposite ends of the spectrum,
John Simon, 1st Viscount Simon
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until the mid-1980s when diesel engines became more popular. The series II station wagon introduced a twelve-seater option on top of the standard ten-seater layout. This was primarily to take advantage of UK tax laws, by which a vehicle with 12 seats or more was classed as a bus, and was exempt from Purchase Tax and Special Vehicle Tax. This made the twelve-seater not only cheaper to buy than the 10-seater version, but also cheaper than the seven-seater Station Wagon. The twelve-seater layout remained a highly popular body style for decades, being retained on the later series and Defender variants
Land Rover series
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Purchase Tax, which was levied at different rates depending on goods' luxuriousness. Purchase Tax was applied to the wholesale price, initially at a rate of 33⅓ %. This was doubled in April 1942 to 66⅔ %, and further increased in April 1943 to a rate of 100%, before reverting in April 1946 to 33⅓ % again. Unlike VAT, Purchase Tax was applied at the point of manufacture and distribution, not at the point of sale. The rate of Purchase Tax at the start of 1973, when it gave way to VAT, was 25%. On 1 January 1973 the UK joined
History of taxation in the United Kingdom
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applied to the wholesale price, initially at a rate of 33%. This was doubled in April 1942 to 66%, and further increased in April 1943 to a rate of 100%, before reverting in April 1946 to 33% again. Unlike VAT, Purchase Tax was applied at the point of manufacture and distribution, not at the point of sale. The rate of Purchase Tax at the start of 1973, when it gave way to VAT, was 25%. On 1 January 1973 the UK joined the European Economic Community and as a consequence Purchase Tax was replaced by Value Added Tax on 1
Value-added tax in the United Kingdom
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introduced a 0.5% tax on the purchase or sale of an equity security. Thus a round trip (purchase and sale) transaction resulted in a 1% tax. In July 1986 the rate was doubled. In January 1989, a considerably lower tax of 0.002% on fixed-income securities was introduced for a security with a maturity of 90 days or less. On a bond with a maturity of five years or more, the tax was 0.003%. The revenues from taxes were disappointing; for example, revenues from the tax on fixed-income securities were initially expected to amount to 1,500 million Swedish kronor per year.
Tobin tax
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is not levied on computerized transactions performed through securities accounts. Stamp duty is not levied on derivative instruments. In January 1984, Sweden introduced a 0.5% tax on the purchase or sale of an equity security. Hence a round trip (purchase and sale) transaction resulted in a 1% tax. In July 1986, the rate was doubled, and in January 1989, a considerably lower tax of 0.002% on fixed-income securities was introduced for a security with a maturity of 90 days or less. On a bond with a maturity of five years or more, the tax was 0.003%. Analyst Marion G. Wrobel
Financial transaction tax
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a third party licensed to collect tax which they themselves will use. For example, in the UK, the Driver and Vehicle Licensing Agency (DVLA) collects vehicle excise duty, which is then passed onto HM Treasury. Tax revenues on purchases come in two forms: "tax" itself is a percentage of the price added to the purchase (such as sales tax in U.S. states, or VAT in the UK), while "duties" are a fixed amount added to the purchase price (e.g., for cigarettes). In order to calculate the total tax raised from these sales, we must work out the effective tax rate
Tax revenue
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transferred by inheritance, any unrealized increase in asset value is subject to capital gains tax, payable immediately. This is the case in Canada, which has no inheritance tax. When a jurisdiction has both capital gains tax and inheritance tax, inheritances are generally exempt from capital gains tax. In some jurisdictions, like Austria, death gives rise to the local equivalent of gift tax. This was the UK model before the Inheritance Tax in 1986 was introduced, when estates were charged to a form of gift tax called Capital Transfer Tax. Where a jurisdiction has both gift tax and inheritance tax, it
Inheritance tax
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UK tax office. Earlier in the 1950s, the manufacturers specialised in converting the Bedford CA van into a mini-bus, featuring extra side windows and seats. The UK tax authorities asserted that the converted vehicle was effectively a form of estate car, and therefore its retail price should bear passenger car purchase tax, a burden from which buyers of vans were spared. However, the manufacturers negotiated an agreement whereby Dormobile converted vans could be sold without purchase tax, provided they incorporated "built-in life support equipment" such as a cooking device, and facilities for the washing and storage of clothes. These stipulations
Bedford Dormobile
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Swedish financial transaction tax The Swedish financial transaction tax was a 0.5% financial transaction tax (FTT) applied to equity securities, fixed income securities and financial derivatives between 1984 and 1991. In January 1984, Sweden introduced a 0.5% tax on the purchase or sale of an equity security. Hence, a round trip (purchase and sale) transaction resulted in a 1% tax. The tax applied to all equity security trades in Sweden using local brokerage services as well as to stock options. In July 1986, the rate was doubled, and in January 1989, a considerably lower tax of 0.002% on fixed-income securities
Swedish financial transaction tax
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brands can also impact overall fuel consumption by over 25%. There are many other way to reduce your fuel consumption. The U.S government introduced the Gas Guzzler Tax as a part of the Energy Tax Act. The tax was introduced to tax the purchase of inefficient vehicles at the same time that Corporate Average Fuel Economy (CAFE) standards were introduced. The Gas Guzzler Tax applies only to vehicles classified as cars, as opposed to light trucks. Since 1991, cars with a combined fuel economy rating under have been subject to the tax. Light trucks, which includes virtually all sport-utility vehicles,
Gas-guzzler
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resulting in an effective tax rate of 15%. The United Kingdom introduced a Patent Box scheme in 2013 taxing qualifying IP at 10%. The Patent Box in the UK is a tax incentive introduced in 2013 designed to encourage companies to make profits from their patents by reducing the UK tax paid on those profits. The UK Patent Box went live in April 2013. The UK government wants to encourage high-value growth in UK plc through a competitive tax regime that supports UK R&D from conception to commercialisation. The Patent Box forms a key part of this strategy by encouraging
Patent box
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TV Tax Relief in April 2013 as part of its Creative Sector Tax Relief. At the time, the Chancellor of the Exchequer commented: “This government wants to make sure high-end television programming from all over the world is made in the UK. These productions bring jobs and investment to our country. That’s why I introduced a specific tax relief to encourage more of them here in the UK. I want more global companies like ABC to look to the UK as a highly skilled, innovative and creative industry when choosing a location for their television programming.” It was later confirmed
The Bottle Yard Studios
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£3.9 billion is raised from the VAT on the duty, contributing some 3.5 per cent of total UK tax revenues. The Fuel Price Escalator, which was introduced in 1993 was abandoned after the disruptive fuel tax protests of 2000. The Finance Act 1908 introduced a petrol duty in the UK, with the rate being set at 3d (£0.013) per UK gallon, bringing the price of a typical UK gallon to 1s 1½d (). It was then abolished by the Finance Act 1919 after several years of steady petrol price rises and replaced by vehicle taxation, and the tax disc based
Hydrocarbon Oil Duty
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than the tax price benefit. The following table lists tax shifts that have been proposed or introduced: Tax swap can also refer to the sale of a security that has declined in price since its purchase and the simultaneous purchase of a similar but not identical security, in order to realize a loss for tax purposes while maintaining a position. Tax shift Tax shift or Tax swap is a change in taxation that eliminates or reduces one or several taxes and establishes or increases others while keeping the overall revenue the same. The term can refer to desired shifts, such
Tax shift
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Agreement [to implement the tax] by [just three cities,] London, New York and Tokyo alone, would capture 58 per cent of speculative trading." In July, 2006, analyst Marion G. Wrobel examined the actual international experiences of various countries in implementing financial transaction taxes. Wrobel's paper highlighted the Swedish experience with financial transaction taxes. In January 1984, Sweden introduced a 0.5% tax on the purchase or sale of an equity security. Thus a round trip (purchase and sale) transaction resulted in a 1% tax. In July 1986 the rate was doubled. In January 1989, a considerably lower tax of 0.002% on
Tobin tax
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Gift Aid Gift Aid is a UK tax incentive that enables tax-effective giving by individuals to charities in the United Kingdom. Gift Aid was introduced in the Finance Act 1990 for donations given after 1 October 1990, but was originally limited to cash gifts of £600 or more. This threshold was successively reduced in April 2000 when the policy was substantially revised and the minimum donation limit removed entirely. A similar policy applies to charitable donations by companies that are subject to the UK corporation tax. Gift Aid was originally intended for cash donations only. However since 2006, HMRC compliant
Gift Aid
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Gas-guzzler A gas-guzzler, in informal language, is a vehicle that is perceived to consume a lot of fuel. The term originally came into use in the US when congress established Gas Guzzler Tax provisions in the Energy Tax Act of 1978 to discourage the production and purchase of fuel-inefficient vehicles. The gas guzzler tax had applied only to cars (not trucks) and was collected by the IRS. Other countries have followed suit and introduced their own version of a gas-guzzler tax such as Canada's "green levy". There are several reasons for bad fuel economy in cars, vans and trucks: Then
Gas-guzzler
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an avoided tax is a tax liability that has never existed. For example, consider two businesses, each of which have a particular asset (in this case, a piece of real estate) that is worth far more than its purchase price. In the above example, tax may or may not eventually be due when the second property is sold. Whether and how much tax will be due will depend on circumstances and the state of the law at the time. The United Kingdom and jurisdictions following the UK approach (such as New Zealand) have recently adopted the evasion/avoidance terminology as used
Tax noncompliance
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Air Departure Tax Air Departure Tax (ADT) is a pending tax in Scotland that was meant to be introduced on 1 April 2018, replacing the UK Air Passenger Duty in Scotland on 1 April 2018 On 20 June 2017, the ADT was passed in the Scottish Parliament and received royal assent on 25 July 2017 and was meant to be introduced on 1 April 2018. However on 22 November 2017, the UK and Scottish Ministers agreed to delay the introduction of ADT until issues have been resolved regarding the tax exemption for flights departing airports in the Highlands and Islands
Air Departure Tax
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Until 2013, the UK had no general anti-avoidance rule ("GAAR") for corporation tax. However, it inherited an anti-avoidance rule from income tax relating to transactions in securities, and since then has had various "mini-GAARs" added to it. The best known "mini-GAAR" prevents a deduction for interest paid when the loan to which it relates is made for an "unallowable purpose". In 2013, the government introduced a General Anti-Avoidance Rule to manage the risk of tax avoidance. Finance Act 2004 introduced disclosure rules requiring promoters of certain tax avoidance schemes that are financing- or employment-related to disclose the scheme. Taxpayers who
United Kingdom corporation tax
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Research and Development Expenditure Credit The Research and Development Expenditure Credit (RDEC), introduced in 2013, is a UK tax incentive designed to encourage large companies to invest in R&D in the UK. Companies can reduce their tax bill or claim payable cash credits as a proportion of their R&D expenditure. The initiative builds on the existing R&D Tax Credit scheme which has been in operation for large companies since 2002 and is one of a number of technology tax relief schemes introduced by successive UK Governments. Originally referred to as to as "Above the Line R&D Tax Relief", because the
Research and Development Expenditure Credit
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from professional bodies. Research and Development Expenditure Credit The Research and Development Expenditure Credit (RDEC), introduced in 2013, is a UK tax incentive designed to encourage large companies to invest in R&D in the UK. Companies can reduce their tax bill or claim payable cash credits as a proportion of their R&D expenditure. The initiative builds on the existing R&D Tax Credit scheme which has been in operation for large companies since 2002 and is one of a number of technology tax relief schemes introduced by successive UK Governments. Originally referred to as to as "Above the Line R&D Tax
Research and Development Expenditure Credit
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under the Forfait method. In 2006, Property Transfer Tax replaced the feudal "Treizième". This used to be calculated by dividing the purchase price of any of the 30 tenements or 40 freehold properties on Sark by 13. The proceeds from doing this were then paid directly to the Seigneur. When the Treizième was abolished, the Chief Pleas introduced an indexed-linked pension of £28,000 per year, payable to the Seigneur. An individual is considered to be a resident for tax purposes if they have remained on the island for at least 90 days in any tax year. Sark has no company
Sark
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engine, would rotate in the opposite direction. The car proved popular in the UK market, where its three-wheel configuration meant that it qualified for a lower rate of purchase tax, lower vehicle excise duty and cheaper insurance than comparable four-wheel cars. The three-wheel configuration, low weight and lack of a reverse gear also meant that it could be driven on a motor cycle licence. In April 1962 the purchase tax rate of 55 percent, which had been applied to all four-wheeled cars sold in the UK since the war was reduced to 45 per cent. In November 1962, it was
Bond Minicar
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alcohol was served, and sex clubs were also legal in Windsor. Current laws on prostitution in Canada, introduced in 2014, make it illegal to purchase sexual services (including lap dancing) but legal to sell them. In 2012, the New York Court of Appeals ruled that lap dances were not an art form and are subject to sales tax. The first lap dancing club in the UK was opened in 1995. During the 2000s the lap dancing industry grew quickly, with the Licensing Act 2003 as the only legislation in England and Wales regulating lap dancing clubs. The Lap Dancing Association
Lap dance
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Province, Orange Free State Province and Transvaal Province – each introduced their own entertainment taxes. They issued revenue stamps to pay for such taxes. Cape Province introduced the tax in 1913, Natal and Orange Free State in 1917, and Transvaal in 1931. The Ottoman Empire introduced an entertainment tax in 1906. The UK introduced an entertainment tax with the British Finance (New Duties) Act of 1916. Entertainment tax Entertainment tax is any tax on entertainment activities, such as cinema and theatre. In India, Entertainment Tax is a tax imposed by the government on feature films getting a wide release in
Entertainment tax
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UK multinationals "re-domiciled" to Ireland: WPP plc, United Busines Media plc, Henderson Group plc, Shire plc and Charter (Engineering) plc. Unlike the U.S. tax-code, the UK tax-code did not require the inversion to be executed by way of an acquisition of an Irish–based corporate who was at least 20% of the merged group. However, in 2009, the UK Labour government switched to a "territorial tax" system, and over 2009 to 2012, the UK Conservative government introduced a number of other corporate tax reforms including reduction of the UK headline CT rate to 20%, creation of new BEPS tools (e.g. a
Corporation tax in the Republic of Ireland
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due to the corresponding reductions in personal income taxes, state banking taxes, federal wholesale taxes and some fuel taxes that were implemented when the GST was introduced, former Treasurer Peter Costello claimed that people were effectively paying no extra tax. The preceding months before the GST became active saw a spike in consumption as consumers rushed to purchase goods that they perceived would be substantially more expensive with the GST. Once the tax came into effect, consumer consumption and economic growth declined such that by the first fiscal quarter of 2001, the Australian economy recorded negative economic growth for the
Goods and services tax (Australia)
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in Norway. KickBack.no is owned by Schibsted Media Group. In the Republic of Ireland loyalty cards have been in operation since 1993, when Superquinn introduced its SuperClub loyalty card scheme. This is regarded as having been the prototype for such schemes in Europe. However, loyalty cards did not expand until 1997, when Tesco Ireland introduced its Clubcard scheme, shortly after its purchase of Power Supermarkets. This was an expansion of the UK scheme—cards for this are identical to those used by Tesco in the UK and can be used in both countries. Dunnes Stores responded with the introduction of their
Loyalty program
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economy as a whole, as James Tobin did when he spoke of "the nineties' crises in Mexico, South East Asia and Russia," which included the 1994 economic crisis in Mexico, the 1997 Asian Financial Crisis, and the 1998 Russian financial crisis. An existing example of a Financial Transaction Tax (FTT) is Stamp Duty Reserve Tax (SDRT) and stamp duty. Stamp duty was introduced as an ad valorem tax on share purchases in 1808, preceding by over 150 years the Tobin tax on currency transactions. Changes were made in 1963. In 1963 the rate of the UK Stamp Duty was 2%,
Tobin tax
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tax computation. Credit relief is given as a deduction from the UK tax liability, but is restricted to the amount of UK tax suffered on the foreign income. There is a system of onshore pooling, so that overseas tax suffered in high tax territories may be set off against taxable income arising from low tax territories. From 1 July 2009, new rules were introduced to exempt most non-UK dividends from corporation tax so these double taxation rules in respect of non-UK dividends will be of less common application in practice after that date. Detailed and separate rules apply to how
United Kingdom corporation tax
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use these schemes must also disclose their use when they submit their tax returns. This is the first provision of its kind in the UK, and Finance Act 2005 has shown a number of tax avoidance schemes being blocked earlier than would have been expected prior to the disclosure rules. In the early twenty-first century the government sought to raise more revenues from corporation tax. In 2002 it introduced a separate 10% supplementary charge on profits from oil and gas extraction businesses, and Finance Act 2005 contained measures to accelerate when oil and gas extraction business have to pay tax.
United Kingdom corporation tax
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on horsepower, after which the cost of petrol was about 4s () per UK gallon. In 1928, following market reductions in the cost of a UK gallon of fuel to about 1s 2½d (), the Government introduced a tax of 4d (£0.017) per UK gallon bringing the cost of a UK gallon of petrol to 1s 6¾d (). In the 1993 Budget during the Major ministry, Norman Lamont introduced a 10p rise and also a Fuel Price Escalator whereby the cost of fuel would be increased annually by 3 per cent above inflation in future years; the Petroleum Revenue Tax
Hydrocarbon Oil Duty
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UK operations. Google was accused by the committee, which represents the interests of all UK taxpayers, of being "evil" for not paying its "fair amount of tax". In 2015, the UK Government introduced a new law intended to penalise Google and other large multinational corporations' artificial tax avoidance. Google is accused of avoiding paying tens of billions of dollars of tax through a convoluted scheme of inter-company licensing agreements and transfers to tax havens. Schmidt was also criticised for his inaccurate use of the term 'capitalism' to describe billions of dollars being transferred into tax havens where no economic activity
Eric Schmidt
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a property. Users of full service estate agents in the UK can expect to pay a flat fee while, more typically in the US, a percentage of the property purchase price may be received from the seller's broker by means of an offer of compensation to cooperating brokers or it can be paid directly by the buyer. Based on US tax laws, investors may find that the cost of using a property finder is tax-deductible when purchasing an investment property. However, for the owner-occupier, no tax break may exist unless the total acquisition costs versus the eventual sales price and
Property finder
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Insurance Premium Tax (United Kingdom) Insurance Premium Tax (IPT) is a type of indirect tax levied on general insurance premiums in the United Kingdom. The UK government introduced the Insurance Premium Tax to raise revenue from the insurance sector, which was viewed as being under-taxed, and not subject to Value Added Tax. The main EU legislation regarding VAT (Council Directive 2006/112/EC) states that insurance and reinsurance transactions, including related services performed by insurance brokers and insurance agents, are exempt from VAT. The Insurance Premium Tax was announced by Kenneth Clarke in the November 1993 budget and introduced with the Finance
Insurance Premium Tax (United Kingdom)
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Payroll giving Payroll Giving, Workplace Giving or Give As You Earn (GAYE) is a tax free way for UK taxpayers to give money to UK Registered Charities. Introduced in 1987, Payroll Giving is a simple, tax efficient scheme which allows employees to give money to the UK registered charity of their choice by having a deduction taken straight from their gross pay. There is no tax for the charity to claim back, as no tax was deducted. Some companies have put in place a matching gift programme to match or part match their employee donations via Payroll Giving. More than
Payroll giving
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Payroll giving Payroll Giving, Workplace Giving or Give As You Earn (GAYE) is a tax free way for UK taxpayers to give money to UK Registered Charities. Introduced in 1987, Payroll Giving is a simple, tax efficient scheme which allows employees to give money to the UK registered charity of their choice by having a deduction taken straight from their gross pay. There is no tax for the charity to claim back, as no tax was deducted. Some companies have put in place a matching gift programme to match or part match their employee donations via Payroll Giving. More than
Payroll giving
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Company" in Norton Fitzwarren, to commercially produce his cider. After World War I, producing only non-sparkling cider in traditional wooden barrels, the methodology only allowed the products to be distributed around the wider Taunton area, and hence the company choose only to supply public houses. Becoming a private limited company in April 1921, the structure of the company changed again after the UK Government introduced the Purchase Tax on cider in 1923, but the company managed to continue to produce their basic recipe. After World War II, in the 1950s the introducing of pasteurisation gave the cider a much longer
Taunton Cider Company
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highly contrived and artificial distinctions to avoid paying billions of pounds in Corporation tax owed by its UK operations. The company was accused by the committee, which represents the interests of all UK taxpayers, of being "evil" for not paying its "fair amount of tax". She told Matt Brittin, head of Google UK, "I think that you do evil". In 2015, the UK Government introduced a new law intended to penalise Google and other large multinational corporations' artificial tax avoidance. In 2015, The Commercial Appeal reported that "critics say Google's recent moves belie search giant's motto". Don't be evil "Don't
Don't be evil
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carbon dioxide to purchase permits, the government also introduced a Minerals Resource Rent Tax, originally called a resources 'super profits' tax in the Henry Tax Report. The revenue from the carbon pricing regime was used to reduce income tax by increasing the tax-free threshold and increase pensions and welfare payments, as well as introducing compensation for some affected industries. The Carbon Tax and associated Resources Rent tax were repealed in 2014. The Government has brought back a duty on financial institutions in the form of a 'major bank levy' on the five largest banks in Australia. Income taxes on individuals
Taxation in Australia
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policy was retained by the incoming Labour government in 1997 and was withdrawn after the fuel protests of 2000. Since 2002 policy cues have been given using the income tax system to encourage the purchase of company cars with low emissions. In March 2005, a graduated vehicle excise duty system, with tax bands based on CO2 ratings, was introduced as an incentive to purchase vehicles with lower emission ratings. In 2012 the government announced that it was consulting on introducing HGV road user charging in order to ensure that foreign hauliers pay their fair share towards the upkeep of British
Motoring taxation in the United Kingdom
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was not finalised and introduced until 2014 when the European Commission approved the decision. The tax relief scheme allows video games developers and companies to claim back up to 20% of their production costs if the project meets certain conditions, resulting in an estimated £188 million per year for the UK games industry. In 2017, the European Commission granted an extension to the scheme for another six years until 2023. The Association for UK Interactive Entertainment The Association for UK Interactive Entertainment (UKIE) is a non-profit trade association for the video game industry in the United Kingdom (UK). UKIE was
The Association for UK Interactive Entertainment
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(although this was only introduced in 2001). The income and gains in the plan are free from tax (with the exception of the non-reclaimable 10% tax credit). At maturity the tax free cash can be taken. The tax free cash lump sum is calculated with reference to the initial annual income. The formula is often described as: "the tax free cash is equal to three times the residual income". This tax regime is being abolished under pension simplification introduced on A-day. Retirement annuity plan A retirement annuity plan (RAP) is a UK pension plan designed to build a lump sum
Retirement annuity plan
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also the only car to fall into the VED band A (up to 100g/km ), introduced in 2005, until 2008 when other manufacturers started developing cars to benefit from the tax free status. Under the Energy Policy Act of 2005 in the United States, the Honda Insight was eligible for a US$1,450 tax credit. Cars registered in the UK after 2001 qualified for free road tax because of their low CO emissions (2000 registered cars would be taxed on the lower rate of the old system based on engine size). As a hybrid, the Insight did also qualify for an
Honda Insight
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can in theory have additional tax liabilities when shopping in neighboring no-tax or lower-tax jurisdictions. For example, if an adjacent state has a slightly lower tax rate than the purchaser's home, that shopper could face an additional tax burden even though the purchase was already taxed at the point of sale. The difference in tax rates is referred to by collecting authorities as "tax discount". Taxing jurisdictions generally extend an exemption from use tax to commercial taxpayers that purchase business stock. This type of exemption applies to goods purchased tax-free for resale, but lapses if the goods are converted to
Tax-free shopping
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Child benefits in the United Kingdom Child benefits in the United Kingdom are a series of welfare payments and tax credits made to parents with children in the UK, a major part of the welfare state. The first modern child tax credit was introduced in the 1909 'People's Budget' of Lloyd-George. This introduced a £10 income tax allowance per child, for tax payers earning under £500 per annum. Following extensive Parliamentary debate, the Budget became law as the Finance Act (1909–1910) 1910 on 29 April 1910. Since the income tax rate was then 1 shilling, two pence in the pound
Child benefits in the United Kingdom
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UK, which recommended that the UK should introduce such a rule, which was introduced in 2013. The rule prevents the reduction of tax by legal arrangements, where those arrangements are put in place purely to reduce tax, and would not otherwise be regarded as a reasonable course of action. Following the Panama Papers leak, "Private Eye", "The Guardian" and other British media outlets noted that Edward Troup, who became executive chair of HM Revenue and Customs, worked with Simmons & Simmons in 2004 representing corporate tax havens and opposed the GAAR in 1998. One historic example of tax avoidance still
Tax avoidance
2019748
the retailer is responsible for the payment of the tax; when a retailer adds this tax to the purchase price, the consumer is merely reimbursing the retailer by contractual agreement. When consumers purchase goods from out-of-state (in which case the seller owes no tax to California) the consumer is required to pay a "use tax" identical to the sales tax. Use tax is levied upon the "storage, use, or other consumption in this state of tangible personal property". Consumers are responsible for declaring these purchases in the same filing as their annual state income tax, but it is rare for
Sales tax
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Hybrid tax credit Many governments offer a hybrid tax credit or hybrid tax rebate as a financial incentive for consumers to purchase a hybrid vehicle. Residents in Ontario (until July 1, 2010 when the HST takes effect, ending the previous PST rebate) and Quebec, Canada can claim a rebate on the Provincial Retail Sales Tax of up to on the purchase or lease of a hybrid vehicle, and Federal Transport Canada can claim a rebate of . The U.S. Energy Policy Act of 2005 established a federal income tax credit of up to $3,400 for the purchase of new hybrid
Hybrid tax credit
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imputation system was introduced for dividend payments, under which companies were required to withhold tax on dividends, called an advance corporation tax, before they were distributed to shareholders. UK companies could set off the ACT amount withheld against the overall company tax liability, subject to certain limits. (The full amount of ACT paid could not be recovered if significantly large amounts of profits were distributed.) Shareholders of a UK company who received a dividend received a tax credit representing the ACT paid, which could be set off against their overall income tax liability. Non-taxable shareholders, such as pension funds, were
Advance corporation tax
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may be less damaging than feared by others. On the other hand, the case of UK stamp duty reserve tax shows that provided exemptions are given to market makers and banks, that FTT can generate modest revenues, at the expense of pensioners and savers. Despite the low tax rate of 0.5% on the purchase of shares, the UK managed to generate between €3.7 and €7.4 billion in revenues from stamp duties per year throughout the last decade. Also the cases of Japan, Taiwan and Switzerland suggest that countries may generate sizable amounts of income by introducing FTT on a national
Financial transaction tax
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The major part of this revenue came from the taxation of bonds and stocks (96.5%). The taxation of stock index future shares was 3.5%. In total, this corresponds to 0.8% in terms of GDP. A stamp duty was introduced in the United Kingdom as an ad valorem tax on share purchases in 1808. Stamp duties are collected on documents used to effect the sale and transfer of certificated stock and other securities of UK based companies. It can be avoided using CFDs. To address the development of trades in uncertificated stock, the UK Finance Act 1986 introduced the Stamp Duty
Financial transaction tax
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1986, albeit with a relief for intermediaries such as market makers and large banks that are members of a qualifying exchange. "Stamp Duty Land Tax" (SDLT), a new transfer tax derived from stamp duty, was introduced for land and property transactions from 1 December 2003. SDLT is not a stamp duty, but a form of self-assessed transfer tax charged on "land transactions". On 24 March 2010, Chancellor Alistair Darling introduced two significant changes to UK Stamp Duty Land Tax. For first-time buyers purchasing a property under £250,000, Stamp Duty Land Tax was abolished for the next two years. This measure
Stamp duty
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from the wealth tax, a reduction in the lower marginal tax rate from 10.5% to 7%, a rise in taxation on profits from stock options from 40% to 50%, a 1997 increase in the exemption for the lowest tax bracket, a reduction in taxes on apartment sales, housing, and other fees, and the abolition of taxes on cars and roadways. In addition, income tax cuts were introduced in March and September 2000 which disproportionately favoured low and non-earners. An "employment premium" was introduced in 2002, similar to tax credits in the UK and US, providing a state subsidy to low-wage
Lionel Jospin
20700799
price in the UK of £317 before Purchase Tax. With the exception of the four-seater Reliant Regal, this made it the most expensive three-wheeled car on the market in the UK at the time. Four-wheeled versions of the saloon were available as an option, or for export markets. The rear axle on these were fitted without any differential and with a very narrow track between the rear wheels. All production cars were painted white, with peacock blue lower sections. Self-coloured bodies made using pigments mixed into the gelcoat were experimented with, but this idea was abandoned when the overall finish
Nobel (automobile)
9830587
billions of pounds in corporate tax owed by its UK operations. On May 16, 2013, Margaret Hodge, the chair of the United Kingdom Public Accounts Committee, accused Google of being "calculated and [...] unethical" over its use of the scheme. Google Chairman Eric Schmidt has claimed that this scheme of Google is "capitalism", and that he was "very proud" of it. In 2015, the UK Government introduced a new law intended to penalize Google and other large multinational corporations's artificial tax avoidance. In January 2016, Google agreed to make a payment of £130m to the UK tax authorities. Google cut
Criticism of Google
869342
Before, coal or oil were used for district heating. Now biomass is used, usually waste from forests and forest industries." Economic growth appears to be unaffected. Between 1990 and 2006, Sweden's economy grew by 44-46 percent (approx 2,8% annually), depending on source. In 1993, the UK government introduced the fuel duty escalator (FDE), an environmental tax on retail petroleum products. The tax was explicitly designed to reduce carbon dioxide emissions in the transport sector. Since carbon is in fixed ratio to the quantity of fuel, the FDE roughly approximated a carbon tax. The transport lobby in the UK was extremely
Carbon tax
15356667
also liable to deduct the contributions to the social security system at source. Taxation classes (tax groups, Lohnsteuerklasse aka Steuerklassen) The taxation at source for capital income will be done with a flat tax rate of 25% (add solidarity surcharge of 5.5% of the amount of tax and, if applicable, church tax). Aside from standard yearly property taxes, known as "", On property sales in Germany there is a state level sales tax on the declared purchase amount. Transfer of German property is subject to a transfer tax (Grunderwerbsteuer)–the equivalent of UK stamp duty. Since 2007 this tax is no
Taxation in Germany
5842883
the sales tax when he or she fails to collect it. First, no sales tax is due upon the purchase of a motor vehicle that must be titled. Instead, the purchaser pays the tax directly to the Department of Revenue within one month of purchase. As long as the vehicle is taken out of state within that first month of purchase and titled elsewhere, no tax is due in Missouri. Second, if the purchaser presents an exemption certificate to the buyer at the time of sale, then the purchaser may be assessed taxes on the purchases if the certificate was
Sales taxes in the United States
2821266
2018, Waterstones confirmed it would buy 115-year-old Foyles, with seven stores whilst retaining the brand. James Daunt said the purchase would help to "to protect and champion the pleasures of real bookshops in the face of Amazon's siren call". Tim Waterstone and James Daunt have been critical of tax avoidance by Amazon.com in the British press. Amazon has received sustained scrutiny for the amount of its overall sales that are reported by its UK subsidiary, in comparison to those 'processed offshore in Luxembourg to avoid UK tax'. In the 2012-13 financial year, Amazon paid £3.2 million in tax on sales
Waterstones
13716255
purchase and sale of Korea Exchange Bank by the Lone Star Fund, spurring foreign investors to join their domestic counterparts in leaving the country. When housing prices soared, To prevent speculative bubble like Japanese asset price bubble crisis, Roh introduced additional 1~3% of property tax on real estate exceeding 600 million won(about 600,000US$). This efficiently slowed down the bubble, but this policy met high opposition by the riches who had to pay higher tax. At the same time, Roh also increased welfare spending by 18% a year, and drastically increased spending by increasing the size of the civil service by
Roh Moo-hyun
19196345
1950s, the main market was in the Commonwealth: the UK home market could not afford it, particularly with the Austerity Purchase Tax of the time, while the US market preferred domestic products, such as the Caterpillar. Many Vigors went to Australia, where rough ground capability was appreciated, even though the purchase cost was considerably more than the popular option of war-surplus tanks with turret and roof armour cut away. A major UK seller was Jack Olding of Hatfield, who relinquished their pre-war Caterpillar dealership in favour of Vickers. Vigors were also used by the Royal Engineers. One is on display
Vickers VR180 Vigor
15235680
Act for a ‘contribution of the profits arising from property, professions, trades and offices’ (the words ‘income tax’ were deliberately avoided) introduced two significant changes. First, it allowed taxation at the source; for instance, the Bank of England would deduct an amount, to be paid as tax, from interest paid to gilt holders. Secondly, it introduced schedules: Income not falling within those schedules was not taxed. (Later a sixth Schedule, Schedule F (tax on UK dividend income) was added.) Although the maximum tax rate under Addington's Act was 5% – only one-half of the 10% allowed under Pitt's – the
History of taxation in the United Kingdom
7518587
IRS characterizes the amount that exceeds the purchase price as capital income while the amount that falls short of the purchase price is capital loss. The IRS refers to the purchase price as the tax basis. When the IRS characterizes income as capital gain, it enjoys a lower tax rate than ordinary income. The IRS characterizes ordinary income as income generated from earned wage income or interest income earned from lending. The IRS taxes ordinary income according to a progressive rate determined by the amount of income. It is a progressive income tax. Character (income tax) Character is the type
Character (income tax)
13463049
declining in many developed economies, but growing rapidly in middle income economies such as Vietnam and India. In the United States, the single biggest market for carbonated soft drinks, consumers annual average per capita purchase of soda was 154 liters. Denmark began taxing soft drinks and juices in the 1930s. More recently, Finland reintroduced an earlier soft drink tax in 2011, while Hungary taxes sugary drinks as part of its 2011 public health product tax, which covers all food products with unhealthy levels of sugar. France introduced a targeted sugar tax on soft drinks in 2012. At a national level
Sugary drink tax
9750270
least three years and were then put towards the purchase or construction of a first house or apartment. A Property Speculation Tax was introduced in 1973 in an attempt to control speculative dealing in property, and in 1974 building restrictions were imposed on commercial building and the construction of larger houses. A land tax was also introduced to control profit-making on rezoned land. Improvements were made in the design and planning of State housing accommodation, with additions such as carports, driveways, tree-planting, and landscaping. In addition, an amendment to the Public Works Act provided more generous arrangements for those whose
Third Labour Government of New Zealand
11910308
pile carpet" and the car's driving qualities will have attracted admiration, but purchase tax on cars was high and in 1954 the UK manufacturer-recommended retail price, including tax, for the standard bodied 3½-litre Daimler Regency was £2,324. That price included a heater, but customers requiring a radio to be fitted would need to find another £48. In the same year Jaguar's recommended UK retail price for the similarly sized (and very effectively promoted) Mark VII was £1,680. (Jaguar buyers also received the heater included in the price, though they were obliged to find an extra £50 for a radio.) The
Daimler Regency
11841806
much, or more, on social services and on employment training through the tax code as it does through direct spending. The Earned Income Tax Credit is an example of when the Treasury provides cash directly to individual taxpayers with no restrictions concerning the type of good or service individuals can purchase or when they can use the cash. In general, the government uses the tax code to entice market actors to consume in socially desirable ways. Tax expenditures include financial incentives to encourage employers and individuals to purchase goods like health care, housing and child care. Tax expenditures also subsidize
Hidden welfare state
14156157
privileged few. It's unforgivable in this age of austerity that the UK government is turning down billions in additional revenue to protect the City's elite." On 1 August 2012, France introduced a financial transaction tax in French tax regulation pursuant to Article 5 of the French Amended Finance Bill of 14 March 2012. Two other taxes applicable to financial transactions were also introduced, including a tax on high-frequency trading, (Article 235 ter ZD bis of the FTC); and a tax on naked sovereign credit default swaps (Article 235 ter ZD ter of the FTC). The FTT levies a 0.2% tax
Financial transaction tax
2314422
with parents of certain video game developers which would pay for having games developed in the UK. The industry trade body TIGA estimates that it will increase the games development sector's contribution to UK GDP by £283 million, generate £172 million in new and protected tax receipts to HM Treasury, and could cost just £96 million over five years. Before the tax relief was introduced there was a fear that the UK games industry could fall behind other leading game industries around the world such as France and Canada, of which Canada overtook the UK in terms of job numbers
Video game industry
3568645
there was some, then it is against capital. Transfers between husband and wife or between civil partners do not crystallise a capital gain, but instead transfer the purchase price (book cost). Otherwise, transfers made as gifts are treated for CGT purposes as being made at the market value at the date of transfer. The 'tax gap' is the difference between the amount of tax that should, in theory, be collected by HMRC, against what is actually collected. The tax gap for the UK in 2013–14 was £34 billion, or 6.4 percent of total tax liabilities. It can be broken down
Taxation in the United Kingdom
6730911
(For instance Capital Gains Tax Legislation is contained within Taxation of Chargeable Gains Act 1992.The Finance Act details amendments to be made to each one of these Acts. Notable changes in the 2004 Act included changes to the taxation of UK pensions and provisions to reduce avoidance of inheritance tax. One of the main changes introduced by the Act was a change in the taxation of UK pensions from 6 April 2006. Prior to the change many different taxation regimes applied to pension schemes depending on the type of scheme. The changes introduced a single taxation regime. The principle of
Finance Act 2004
10785025
486 units, which dated from 1923 and were introduced to the island in 1967 when the line was electrified. The Class 483 trains entered service on the island in 1989, originally painted in the standard Network SouthEast livery. South West Trains bought the stock outright from the leasing company HSBC Rail in March 2007 for the nominal sum of £1. The purchase meant that the leasing costs, which were reimbursed by the government, were eliminated, thereby lowering the line's tax burden. The rolling stock operate in the former London Regional Transport livery, which the units would have had when operating
Island Line (brand)
4750307
to other purely domestic taxes in the United Kingdom, is that more than 40% of the annual intake is collected from outside the UK, thus creating an annual inflow of approx. £1.5 billion from foreign investors to the UK government. Stamp Duty Land Tax (SDLT) is a tax on land transactions in England and Northern Ireland.. It was introduced by the Finance Act 2003. It largely replaced stamp duty with effect from 1 December 2003. SDLT is not a stamp duty, but a form of self-assessed transfer tax charged on "land transactions". In Scotland, a Land and Buildings Transaction Tax
Stamp duty in the United Kingdom
15235695
the European Economic Community and as a consequence Purchase Tax was replaced by Value Added Tax on 1 April 1973. The Conservative Chancellor Lord Barber set a single VAT rate (10%) on most goods and services. UK income tax has changed over the years. Originally it taxed a person's income regardless of who was beneficially entitled (that is, regardless of whether they had a legal obligation to pass it on to another person) to that income, but now a person owes tax only on income to which he or she is beneficially entitled. Most companies were taken out of the
History of taxation in the United Kingdom
12988675
so they will have plenty when the switchover in May comes live. Later on, Sainsbury's and other supermarkets introduced the "bag for life". As of 2016, the UK Government introduced a tax on all carrier bags, which means that every consumer pays 5p for any carrier bag from any store. Reusable plastic bags do however have a very simple end of life disposal route. Most reusable plastic carrier bags are made from LDPE 4 (Low Density Poly-Ethylene) which is the easiest form of plastic to recycle currently in the UK (August 2018). These types of plastic carrier bag (along with
Reusable shopping bag
2270616
of a mass non-payment campaign against the Community Charge in Scotland (where it was introduced a year earlier than other parts of the UK "as an experiment"). The campaign involving the refusal to pay the tax, together with resistance to warrant sales which local councils held to try to recoup the money, was ultimately successful and Sheridan became a popular political figure. Sheridan denounced those who fought the police in the large-scale riot against the poll tax in London – which took place on 31 March 1990, the day before the tax was introduced in England and Wales – and
Tommy Sheridan
5577524
Anthony Leung came under severe criticism in March 2003 when it was revealed that he bought a HK$790,000 (US$101,282) Lexus LS 430 vehicle, just weeks before he raised the tax on new vehicles in his budget. Leung denied that he was trying to avoid the new tax, which would have cost him an additional HK$50,000. Leung claimed that he had decided on the tax increase after buying the car. News of the car purchase sparked fury at Leung's conflict of interest, and concerns over his integrity for failing to declare his purchase to Exco. When it was revealed that James
Principal Officials Accountability System
4256356
Poll tax riots The poll tax riots were a series of riots in British towns and cities during protests against the Community Charge (colloquially known as the "poll tax"), introduced by the Conservative government of Prime Minister Margaret Thatcher. The largest protest occurred in central London on Saturday 31 March 1990, shortly before the tax was due to come into force in England and Wales. The advent of the poll tax was due to an effort to alter the way the tax system was used to fund local government in the UK. The system in place until this time was
Poll tax riots
16255645
in 2009. Films shot in Georgia include Tyler Perry's "Meet the Browns" (2008), "Life as We Know It" (2010), "Contagion" (2011) and a number of Marvel Studios productions including and , as well as "Ant Man and the Wasp" and "Black Panther". Atlanta has been called the "Hollywood of the South". Georgia overtook California in 2016 as the state location with the most feature films produced. The state's first tax incentive, a point of purchase sales and use tax exemption, was introduced in 2002. The state's second and most progressive tax incentive, the Georgia Entertainment Industry Investment Act, was signed
Film industry in Georgia
12637082
TV detector van TV detector vans are vans, which, according to the BBC, contain equipment that can detect the presence of television sets in use. The vans are operated by contractors working for the BBC, to enforce the television licensing system in the UK, the Channel Islands and on the Isle of Man. When television broadcasts in the UK were resumed after a break because of the Second World War, it was decided to introduce a tax called the television licence fee to finance the service. When first introduced on 1 June 1946, the licence covering the monochrome-only single-channel BBC
TV detector van
4750302
Stamp Duty was levied on a whole variety of items, whether or not paper-based, including: The scope of stamp duty has been reduced dramatically in recent years. Apart from transfers of shares and securities, the issue of bearer instruments and certain transactions involving partnerships, stamp duty was largely abolished in the UK from 1 December 2003. "Stamp duty land tax" (SDLT), a new transfer tax derived from stamp duty, was introduced for land transactions from 1 December 2003. "Stamp duty reserve tax" (SDRT) was introduced on agreements to transfer uncertificated shares and other securities in 1986, and with the growth
Stamp duty in the United Kingdom
623425
Capital Gains Tax (CGT) was introduced across the UK on 6 April 1965. Across his two periods in office, Wilson presided over significant increases in the overall tax burden in the UK. In 1974, three weeks after forming a new government, Wilson's new chancellor Denis Healey partially reversed the 1971 reduction in the top rate of tax from 90% to 75%, increasing it to 83% in his first budget, which came into law in April 1974. This applied to incomes over £20,000 (equivalent to £ in ), and combined with a 15% surcharge on 'un-earned' income (investments and dividends) could
Harold Wilson
16182144
With the introduction of purchase tax in October 1941, items were taxed at different rates and necessities were designated as tax-free. This stimulated production, reduced waste and through higher taxation curtailed the production of expensive clothing. Utility cloths were introduced and manufacturers were supplied with raw materials on a quota system. Manufacturers who agreed to increase production of Utility cloth would receive a higher quota. The public bought Utility clothing as it was tax-free. By September 1942, 40 cloths had been specified (19 wool, 16 cotton, four rayon and one locknit) which all now utilised the CC41 Utility mark, designed
CC41
11866682
10p tax rate The starting rate of income tax, often known as the 10p rate, was a special rate of personal income taxation in the United Kingdom that existed from 1999 to 2008. The starting rate was the lowest rate of income tax in the United Kingdom. It meant that certain incomes above the personal allowance would be taxed at a basic rate of 10%, which meant a reduced rate compared with the previous basic UK income tax rate of 23%. The reduced tax rate for low incomes was introduced in Gordon Brown's third budget as Chancellor of the Exchequer.
10p tax rate
410178
country is automatically assumed to have done so for tax avoidance reasons and is subject to a higher tax rate. Historically, in many countries, a contract needs to have a stamp affixed to make it valid. The charge for the stamp is either a fixed amount or a percentage of the value of the transaction. In most countries, the stamp has been abolished but stamp duty remains. Stamp duty is levied in the UK on the purchase of shares and securities, the issue of bearer instruments, and certain partnership transactions. Its modern derivatives, stamp duty reserve tax and stamp duty
Tax
15430914
Section 50C of the Isle of Man Income Tax Act 1970 Section 50C of the Isle of Man Income Tax Act 1970 is an Act of Tynwald (the Parliament of the Isle of Man) which created a new type of pension arrangement, adding to the Isle of Man’s existing local and international pension legislation. Pension schemes approved under 50C met the applicable HMRC regulations on Qualifying Recognised Overseas Pension Schemes (QROPS) until 5 April 2012 when the regulations changed. In the period following A-day, the new UK pension framework introduced by the Finance Act 2004 led many more British expatriates
Section 50C of the Isle of Man Income Tax Act 1970
15709960
finance, "the UK has lost about £100m a year in tax as result". 'Boots the Chemists Limited' was re-registered under the name 'Boots UK Limited' on 1 October 2007. Management of all staff was moved to Boots Management Services Limited on 1 July 2010. On 19 June 2012, it was announced that Walgreens, the United States' largest chemist chain, would purchase a 45% stake in Alliance Boots for US$6.7 billion. The deal was said to be a long term plan to give maximum exposure to both brands, Boots more so in the US and, Walgreens more so in the UK
Boots UK
16881595
of for purchasing a pure electric car, plus up to for customers scrapping a diesel-powered car in circulation before 1 January 2001. In the case of plug-in hybrids with emission levels between 21 and 60 g/km, the purchase bonus is plus the scrapping premium of . Also a specific grant was introduced for families which are below the income tax threshold who buy an ordinary new or second hand car below certain emission thresholds or a hybrid or electric car. Effective January 4, 2016, the purchase bonus limited to 27% of the purchase price for vehicles emitting up to 20
Plug-in electric vehicles in France
6495652
completed at Abingdon. As a result it was allocated the prototype number EX.166. When the car was launched the MG Sales Literature stated "A brilliant new Member of the famous MG breed. This new One and a Quarter Litre car perpetuates the outstanding characteristics of its successful predecessors – virile acceleration, remarkable ‘road manner,’ instant response to controls, and superb braking. A ‘lively’ car, the new One and a Quarter Litre provides higher standards of performance." The UK price of the car was £525.0.0 ex works plus purchase tax of £146.11.8d. Gerald Palmer was responsible for body styling and, in
MG Y-type
5157086
tax" systems make little use of corporate–tax havens, as their tax code applied lower rates to foreign-sourced profits. Hines, with German tax academics, showed the German tax code charged a CT rate of 5% to the foreign profits of German multinationals. Hines was one of the most-cited sources when the U.S. Council of Economic Advisors advocated switching the U.S. tax code to a "territorial system" in the Tax Cuts and Jobs Act of 2017. In 2014, the U.S Tax Foundation, reported on how the UK had effectively stopped UK corporates inverting to Ireland, by switching the UK corporate tax-code to
Corporation tax in the Republic of Ireland
14061063
are required to declare their purchase and the tax due to their own tax authorities. In his budget of May 12, 2015, the then Australian Federal Government Treasurer Joe Hockey revealed details of a new 10% goods and services tax (GST) to be introduced on "certain electronic supplies". The proposed GST has already been dubbed the 'Netflix Tax' in Australia as on-demand video-streaming is one of the services that will come under the scope of the new rules. The Australian GST on digital services is due to come into effect in July 2017. On Wednesday, February 10, 2016, the draft
Taxation of digital goods
2199811
event tickets and airplane flights. Late in the evening of March 29, 2005, the penultimate day of the legislative session, Representative Larry O'Neal, who also worked part-time as Perdue’s personal lawyer, introduced legislation making capital gains tax owed on Georgia land sales deferrable if the income goes to purchase out-of-state land, also, unusually, making the tax break retroactive. Perdue signed the legislation into law on April 12, 2005, three days before tax day. Perdue then used the new law on his 2004 tax return to defer $100,000 in taxable gains from the sale of land. In 2007, Perdue convinced a
Sonny Perdue
5229195
pay it to Revenue unless the Revenue has issued a CG50A certificate to the vendor prior to the purchase. The certificate CG50A is issued by the Revenue on application, provided that either the vendor is resident in Ireland, no CGT is payable on the disposal, or the CGT has already been paid. Deposit Interest Retention Tax (abbreviated as DIRT), is a retention tax charged on interest earned on bank accounts, as well as some other investments. It was first introduced in Ireland in the 1980s to reduce tax evasion on unearned income. DIRT is deducted at source by financial institutions
Taxation in the Republic of Ireland
7964039
century. Bunge was a professor of the Kiev University, of which he served as a dean between 1859 and 1880, when he was summoned to St. Petersburg to become a deputy minister and then (since 1881) Minister of Finance. Five years later, he became Chairman of the Cabinet of Ministers, the highest position in the civil administration of the Russian Empire. Bunge undertook a number of reforms with the aim of modernizing the Russian economy. He consolidated the banking system of the Empire and founded the Peasants' Land Bank (1883) which helped peasants to purchase land. He introduced important tax
Nikolai Bunge