LIMITATION of ACTIONS.Indd 1 08/07/2009 10:34
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Notes on Finance Bill 2015 Resolutions
Notes on Finance Bill 2015 Resolutions 1. Amendment of the law Authorises the Finance Bill to contain those provisions which do not impose or increase a tax charge, in particular provisions that give relief from tax or which deal with tax administration. It also restricts the scope for amendments to VAT. 2. Income tax (charge and main rates) Provides for the charge and main rates to apply for the 2015-16 tax year. 3. Income tax (limits and allowances) Provides for the amount of the income limit for the personal allowance for those born before 6 April 1938, the blind person’s allowance, the minimum amount of the tax reduction for married couples and civil partners; the tax reduction for married couples and civil partners and the income limit for the tax reduction for married couples and civil partners for the 2015-16 tax year. 4. Personal allowances for 2015-2016 Provides for the personal allowance for those born after 5 April 1938 and the amount of the transferable tax allowance for married couples and civil partners for 2015-16. 5. Corporation tax (charge and main rate for financial year 2016) Authorises the Finance Bill to contain provision for corporation tax to be charged for the financial year 2016 (the year beginning 1 April 2016) and for that year the main rate to be 20%. 6. Taxable benefits (diesel cars) Provides for the Finance Bill to contain provision for a change to Chapter 6 of Part 3 of the Income Tax (Earnings and Pensions) Act 2003 (taxable benefits: cars, vans and related benefits) to be introduced to increase the maximum appropriate percentage for diesel cars to 37% for the tax year 2015-16. -
Part I Introduction
PART I INTRODUCTION 1. WHY DOES THE PRESENT LAW NEED REFORM? 1.1 Our Sixth Programme of Law Reform1 recommended that “there should be a comprehensive review of the law on limitation periods with a view to its simplification and rationalisation.” We noted that the law is “uneven, uncertain and unnecessarily complex” as demonstrated by the following examples: (1) Adrian is injured when operating an unsafe electric mower. He seeks compensation for his injuries. If he sues the manufacturer in the tort of negligence, or the seller of the mower for breach of contract, he has three years from the date of the injury to bring his claim, subject to the courts’ discretion to extend time. If he sues the manufacturer under the Consumer Protection Act 1987 (so as to avoid having to prove negligence) he has three years from the date of the injury to bring an action, subject to the court’s discretion to disapply the period; but his right of action under the 1987 Act is extinguished entirely if he does not sue within 10 years from when the mower was first bought. (2) Barbara was sexually abused by her uncle, Colin, from a young age until she was 14 years old. She is now 25 and suffers from a depressive illness and personality disorder. She has recently come to realise that her illness and disorder can be attributed to Colin’s abuse. But her action against Colin for trespass to the person will be time-barred (the limitation period being six years after she was 18). -
Limitation Act 1980
Changes to legislation: There are currently no known outstanding effects for the Limitation Act 1980. (See end of Document for details) Limitation Act 1980 1980 CHAPTER 58 An Act to consolidate the Limitation Acts 1939 to 1980. [13th November 1980] Modifications etc. (not altering text) C1 Act extended by Water Act 1981 (c. 12, SIF 130), s. 6(4) C2 Act amended (1.5.1994) by Environmental Protection Act 1990 (c. 43, SIF 46:4), s. 73(9)(c); S.I. 1994/1096, art.2(1) Act amended (31.1.1997) by 1996 c. 23, s. 14(1) (with s. 81(2)); S.I. 1996/3146, art. 3 C3 Act modified (E.W.) (1.12.1991) by Water Industry Act 1991 (c. 56, SIF 130), ss. 209(4), 223(2) (with ss. 82(3), 186(1), 222(1), Sch. 14 para. 6) Act applied with modifications by Water Resources Act 1991 (c. 57, SIF 130), s. 208(4)(with ss. 16(6), 179, 222(3), 224(1), 225(4), Sch. 22 para. 1, Sch. 23 para.6) Act modified (27.4.1997) by 1925 c. 21, s. 83(12) (as substituted (27.4.1997) by 1997 c. 2, s. 2 (with s. 5(5))) C4 Act applied (31.1.1997) by 1996 c. 23, s. 13 (with s. 81(2)); S.I. 1996/3146, art. 3 Act modified (13.10.2003) by 2002 c. 9, ss. 103, 134, 136(2), Sch. 8 para. 8, Sch. 12 para. 19(1) (with s. 129); S.I. 2003/1725 {art. 2} C5 Act: 2004 c. -
Tax Dictionary T
Leach’s Tax Dictionary. Version 9 as at 5 June 2016. Page 1 T T Tax code Suffix for a tax code. This suffix does not indicate the allowances to which a person is entitled, as do other suffixes. A T code may only be changed by direct instruction from HMRC. National insurance National insurance contribution letter for ocean-going mariners who pay the reduced rate. Other meanings (1) Old Roman numeral for 160. (2) In relation to tapered reduction in annual allowance for pension contributions, the individual’s adjusted income for a tax year (Finance Act 2004 s228ZA(1) as amended by Finance (No 2) Act 2015 Sch 4 para 10). (3) Tesla, the unit of measure. (4) Sum of transferred amounts, used to calculate cluster area allowance in Corporation Tax Act 2010 s356JHB. (5) For the taxation of trading income provided through third parties, a person carrying on a trade (Income Tax (Trading and Other Income) Act 2005 s23A(2) as inserted by Finance (No 2) Act 2017 s25(2)). (6) For apprenticeship levy, the total amount of levy allowance for a company unit (Finance Act 2016 s101(7)). T+ Abbreviation sometimes used to indicate the number of days taken to settle a transaction. T$ (1) Abbreviation: pa’anga, currency of Tonga. (2) Abbreviation: Trinidad and Tobago dollar. T1 status HMRC term for goods not in free circulation. TA (1) Territorial Army. (2) Training Agency. (3) Temporary admission, of goods for Customs purposes. (4) Telegraphic Address. (5) In relation to residence nil rate band for inheritance tax, means the amount on which tax is chargeable under Inheritance Tax Act 1984 s32 or s32A. -
HC 138 Published on 27 January 2005 by Authority of the House of Commons London: the Stationery Office Limited £17.50
House of Commons Treasury Committee The 2004 Pre–Budget Report First Report of Session 2004–05 Report, together with formal minutes, oral and written evidence Ordered by The House of Commons to be printed 17 January 2005 HC 138 Published on 27 January 2005 by authority of the House of Commons London: The Stationery Office Limited £17.50 The Treasury Committee The Treasury Committee is appointed by the House of Commons to examine the expenditure, administration and policy of the HM Treasury and its associated public bodies. Current membership Rt Hon John McFall MP (Labour, Dumbarton) (Chairman) Mr Nigel Beard MP (Labour, Bexleyheath and Crayford) Mr Jim Cousins MP (Labour, Newcastle upon Tyne Central) Angela Eagle MP (Labour, Wallasey) Mr Michael Fallon MP (Conservative, Sevenoaks) Rt Hon David Heathcoat-Amory MP (Conservative, Wells) Norman Lamb MP (Liberal Democrat, Norfolk North) John Mann MP (Labour, Bassetlaw) Mr George Mudie MP (Labour, Leeds East) Mr James Plaskitt MP (Labour, Warwick and Leamington) Mr Robert Walter MP (Conservative, North Dorset) Powers The Committee is one of the departmental select committees, the powers of which are set out in the House of Commons Standing Orders, principally in SO No. 152. These are available on the Internet via www.parliament.uk The Committee has power to appoint a Sub-committee, which has similar powers to the main Committee, except that it reports to the main Committee, which then reports to the House. All members of the Committee are members of the Sub- committee, and its Chairman is Mr Michael Fallon. Publications The Reports and evidence of the Committee are published by The Stationery Office by Order of the House. -
Bill Explanatory Notes Introduction
FINANCE (No. 3) BILL EXPLANATORY NOTES INTRODUCTION EXPLANATORY NOTES INTRODUCTION 1. These explanatory notes relate to the Finance (No. 3) Bill as introduced into Parliament on 31 March 2011. They have been prepared jointly by the HM Revenue & Customs and HM Treasury in order to assist the reader in understanding the Bill. They do not form part of the Bill and have not been endorsed by Parliament. 2. The notes are designed to be read alongside with the Bill. They are not, and are not meant to be, a comprehensive description of the Bill. So, where a section or part of a section does not seem to require any explanation or comment, none is given. FINANCE (No. 3) BILL RESOLUTION 2 CLAUSE 1 EXPLANATORY NOTE CLAUSE 1: CHARGE AND MAIN RATES FOR 2011-12 SUMMARY 1. Clause 1 imposes the income tax charge for 2011-12 and sets the basic rate of income tax at 20 per cent, the higher rate at 40 per cent and the additional rate at 50 per cent. DETAILS OF THE CLAUSE 2. Subsection (1) imposes the income tax charge for 2011-12. 3. Subsection (2)(a) sets the basic rate of income tax at 20 per cent. 4. Subsection (2)(b) sets the higher rate of income tax at 40 per cent. 5. Subsection (2)(c) sets the additional rate of income tax at 50 per cent. BACKGROUND NOTE 6. Income tax is an annual tax re-imposed by Parliament (even if the proposed rates are the same as for the previous year). The table below sets out the main rates and rate limits for 2011-12 and for reference includes the amounts for 2010-11: 2010-11 2011-12 Basic rate £0 - £37,400 at 20 per cent £0 - £35,000 at 20 per cent Higher rate £37,401 - £150,000 at 40 per £35,001 - £150,000 at 40 per cent cent Additional rate Over £150,000 at 50 per cent Over £150,000 at 50 per cent The basic rate limit of £35,000 as identified in the table above is set by clause 2 of this Bill. -
Number 30 of 2018 Finance Act 2018
Number 30 of 2018 Finance Act 2018 Number 30 of 2018 FINANCE ACT 2018 CONTENTS PART 1 UNIVERSAL SOCIAL CHARGE, INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX CHAPTER 1 Interpretation Section 1. Interpretation (Part 1) CHAPTER 2 Universal Social Charge 2. Amendment of section 531AN of Principal Act (rate of charge) CHAPTER 3 Income Tax 3. Amendment of section 15 of Principal Act (rate of charge) 4. Amendment of section 472AB of Principal Act (earned income tax credit) 5. Amendment of section 466A of Principal Act (home carer tax credit) 6. Amendment of section 191 of Principal Act (taxation treatment of Hepatitis C compensation payments) 7. Exemption of certain childcare support payments 8. Certain benefits in kind: members of the Permanent Defence Force 9. Benefit in kind: relief relating to electric vehicles 10. Amendment of section 985A of Principal Act (application of section 985 to certain perquisites, etc.) 11. Amendment of section 128F of Principal Act (key employee engagement programme) 12. Retirement benefits 13. Amendment of section 126 of Principal Act (tax treatment of certain benefits payable under Social Welfare Acts) 14. Relief arising in special circumstances 15. Amendment of section 825C of Principal Act (special assignee relief programme) 1 [No. 30.] Finance Act 2018. [2018.] CHAPTER 4 Income Tax, Corporation Tax and Capital Gains Tax 16. Taxation of payments under Magdalen Restorative Justice Ex-Gratia Scheme 17. Amendment of section 285A of, and Schedule 4A to, Principal Act (acceleration of wear and tear allowances for certain energy-efficient equipment) 18. Acceleration of wear and tear allowances for gas vehicles and refuelling equipment 19. -
Notes on Finance Bill Resolutions 3Rd March 2021 1
Notes on Finance Bill resolutions 3rd March 2021 1. Income tax (charge) Provides for income tax to be charged for the 2021-22 tax year. 2. Income tax (main rates) Provides for the main rates of income tax for the 2021-22 tax year. 3. Income tax (default and savings rates) Provides for the default and savings rates of income tax for the 2021-22 tax year. 4. Income tax (starting rate limit for savings) Provides for the starting rate limit for savings for the 2021-22 tax year to remain at £5,000. 5. Basic rate limit and personal allowance (future years) Authorises the Finance Bill to make provision (notwithstanding anything to the contrary in the practice of the House relating to matters that may be included in Finance Bills) taking effect in a future year for each of the following amounts to remain at the amount specified for the tax year 2021-22 — (a) the amount specified in section 10(5) of the Income Tax Act 2007 (basic rate limit), and (b) the amount specified in section 35(1) of that Act (personal allowance). 6. Corporation tax (charge and main rate for financial years 2022 and 2023) Authorises the Finance Bill to contain provision (notwithstanding anything to the contrary in the practice of the House relating to the matters that may be included in Finance Bills) for the charging of corporation tax, and for setting the main rate of corporation tax, for the financial years 2022 and 2023. 7. Corporation tax (small companies rate) Authorises the Finance Bill to make provision (notwithstanding anything to the contrary in the practice of the House relating to the matters that may be included in Finance Bills) taking effect in a future year — (a) charging corporation tax at a rate lower than the main rate on profits not exceeding a specified amount, (b) reducing the amount of corporation tax chargeable in cases where profits exceed that amount but do not exceed a higher specified amount, and (c) amending Chapter 3A of Part 8 of the Corporation Tax Act 2010 (corporation tax rates on ring fence profits). -
Royal Mint Trading Fund
Royal Mint Trading Fund Annual Report and Accounts 2014-15 Royal Mint Trading Fund | Annual Report and Accounts 2014-15 2 Royal Mint Trading Fund Annual Report and Accounts 2014-15 Presented to Parliament pursuant to section 4(6) of the Government Trading Funds Act 1973 as amended by the Government Trading Act 1990 Ordered by the House of Commons to be printed on 16 July 2015 HC 161 © Crown copyright 2015 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government- licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: psi@ nationalarchives.gsi.gov.uk. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at www.gov.uk/government/ publications Any enquiries regarding this publication should be sent to us at the Office of Public Sector Information, Information Policy Team, Kew, Richmond, Surrey TW9 4DU or email: [email protected]. Print ISBN 9781474120913 Web ISBN 9781474120920 ID 04061511 06/15 Printed on paper containing 75% recycled fibre content minimum Printed in the UK on behalf of the Controller of Her Majesty’s Stationery Office Contents 05 Accounting Officer’s Statement 06 Report of the Chief Executive of The Royal Mint Limited 08 Management Commentary 18 Sustainability Report 22 Financial Summary 23 Key Ministerial Targets 24 The -
Number 18 of 2016 Finance Act 2016
Number 18 of 2016 Finance Act 2016 Number 18 of 2016 FINANCE ACT 2016 CONTENTS PART 1 UNIVERSAL SOCIAL CHARGE, INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX CHAPTER 1 Interpretation Section 1. Interpretation (Part 1) CHAPTER 2 Universal Social Charge 2. Amendment of section 531AN of Principal Act (rate of charge) CHAPTER 3 Income Tax 3. Exemption in respect of certain expense payments for resident relevant directors 4. Amendment of section 472AB of Principal Act (earned income tax credit) 5. Amendment of section 466A of Principal Act (home carer tax credit) 6. Fisher tax credit 7. Amendment of section 480A of Principal Act (relief on retirement for certain income of certain sportspersons) 8. Amendment of section 477B of Principal Act (home renovation incentive) 9. Help to Buy 10. Amendment of section 825C of Principal Act (special assignee relief programme) 11. Amendment of section 823A of Principal Act (deduction for income earned in certain foreign states) 12. Amendment of section 472AA of Principal Act (relief for long-term unemployed starting a business) 13. Amendment of section 216A of Principal Act (rent-a-room relief) 14. Retirement benefits 1 [No. 18.] Finance Act 2016. [2016.] CHAPTER 4 Income Tax, Corporation Tax and Capital Gains Tax 15. Living City Initiative 16. Amendment of section 97 of Principal Act (computational rules and allowable deductions) 17. Amendment of section 285A of Principal Act (acceleration of wear and tear allowances for certain energy-efficient equipment) 18. Amendment of section 657 of Principal Act (averaging of farm profits) 19. Amendment of section 288 of Principal Act (balancing allowances and balancing charges) 20. -
Enforcement of Foreign Judgments 2021 Enforcement of Foreign Judgments 2021
Enforcement of Foreign Judgments 2021 of Foreign Enforcement Enforcement of Foreign Judgments 2021 Contributing editors Oliver Browne and Tom Watret © Law Business Research 2020 Publisher Tom Barnes [email protected] Subscriptions Claire Bagnall Enforcement of [email protected] Senior business development manager Adam Sargent Foreign Judgments [email protected] Published by Law Business Research Ltd Meridian House, 34-35 Farringdon Street 2021 London, EC4A 4HL, UK The information provided in this publication Contributing editors is general and may not apply in a specific situation. Legal advice should always Oliver Browne and Tom Watret be sought before taking any legal action based on the information provided. This Latham & Watkins information is not intended to create, nor does receipt of it constitute, a lawyer– client relationship. The publishers and authors accept no responsibility for any acts or omissions contained herein. The Lexology Getting The Deal Through is delighted to publish the tenth edition of Enforcement of information provided was verified between Foreign Judgments, which is available in print and online at www.lexology.com/gtdt. July and August 2020. Be advised that this Lexology Getting The Deal Through provides international expert analysis in key areas of is a developing area. law, practice and regulation for corporate counsel, cross-border legal practitioners, and company directors and officers. © Law Business Research Ltd 2020 Throughout this edition, and following the unique Lexology Getting The Deal Through format, No photocopying without a CLA licence. the same key questions are answered by leading practitioners in each of the jurisdictions featured. First published 2012 Our coverage this year includes new chapters on the Bahamas, Denmark and Greece. -
Limitation Act 1980
Status: Point in time view as at 01/02/1991. This version of this Act contains provisions that are not valid for this point in time. Changes to legislation: There are currently no known outstanding effects for the Limitation Act 1980. (See end of Document for details) Limitation Act 1980 1980 CHAPTER 58 An Act to consolidate the Limitation Acts 1939 to 1980. [13th November 1980] Modifications etc. (not altering text) C1 Act extended by Water Act 1981 (c. 12, SIF 130), s. 6(4) C2 Act amended (prosp.) by Environmental Protection Act 1990 (c. 43, SIF 46:4), ss. 73(9)(c), 164(2)(3) PART I ORDINARY TIME LIMITS FOR DIFFERENT CLASSES OF ACTION Time limits under Part I subject to extension or exclusion under Part II 1 Time limits under Part I subject to extension or exclusion under Part II. (1) This Part of this Act gives the ordinary time limits for bringing actions of the various classes mentioned in the following provisions of this Part. (2) The ordinary time limits given in this Part of this Act are subject to extension or exclusion in accordance with the provisions of Part II of this Act. Actions founded on tort 2 Time limit for actions founded on tort. An action founded on tort shall not be brought after the expiration of six years from the date on which the cause of action accrued. 2 Limitation Act 1980 (c. 58) Part I – Ordinary Time Limits for Different Classes of Action Document Generated: 2021-09-15 Status: Point in time view as at 01/02/1991.