Forecasting Public Finances
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Financial Transaction Taxes
FINANCIAL MM TRANSACTION TAXES: A tax on investors, taxpayers, and consumers Center for Capital Markets Competitiveness 1 FINANCIAL TRANSACTION TAXES: A tax on investors, taxpayers, and consumers James J. Angel, Ph.D., CFA Associate Professor of Finance Georgetown University [email protected] McDonough School of Business Hariri Building Washington, DC 20057 202-687-3765 Twitter: @GUFinProf The author gratefully acknowledges financial support for this project from the U.S. Chamber of Commerce. All opinions are those of the author and do not necessarily reflect those of the Chamber or Georgetown University. 2 Financial Transaction Taxes: A tax on investors, taxpayers, and consumers FINANCIAL TRANSACTIN TAES: Table of Contents A tax on investors, taxpayers, and Executive Summary .........................................................................................4 consumers Introduction .....................................................................................................6 The direct tax burden .......................................................................................7 The indirect tax burden ....................................................................................8 The derivatives market and risk management .............................................. 14 Economic impact of an FTT ............................................................................17 The U.S. experience ..................................................................................... 23 International experience -
THE GREEN BOOK Appraisal and Evaluation in Central Government
THE GREEN BOOK Appraisal and Evaluation in Central Government Treasury Guidance LONDON:TSO CONTENTS Page Page Contents iv Annex 1 Government intervention 51 Introduction 51 Preface v Economic efficiency 51 Chapter 1 Introduction and background 1 Equity 52 Introduction 1 Additionality 52 When to use the Green Book 2 Regeneration 54 Chapter 2 Overview of appraisal and Annex 2 Valuing non-market impacts 57 evaluation 3 Introduction 57 Introduction 3 Valuing non-market impacts 57 The appraisal and evaluation cycle 3 Current research/plausible estimates 59 The role of appraisal 3 Valuing environmental impacts 63 Process for appraisal and evaluation 4 Annex 3 Land and buildings 69 Presenting the results 6 Introduction 69 Managing appraisals and evaluations 7 Acquisition and use of property 69 Frameworks 8 Leases and rents 71 Issues relevant to appraisal and evaluation 9 Disposal of property 72 Chapter 3 Justifying action 11 Cost effective land use 72 Introduction 11 Annex 4 Risk and uncertainty 79 Reasons for government intervention 11 Introduction 79 Carrying out research 11 Risk management 79 Chapter 4 Setting objectives 13 Transferring risk 82 Introduction 13 Optimism bias 85 Objectives, outcomes, outputs and targets 13 Monte Carlo analysis 87 Irreversible risk 88 Chapter 5 Appraising the options 17 The cost of variability in outcomes 88 Introduction 17 Creating options 17 Annex 5 Distributional impacts 91 Valuing the costs and benefits of options 19 Introduction 91 Adjustments to values of costs and benefits 24 Distributional analysis 91 -
Her Majesty's Revenue and Customs (HMRC)
BREACH OF THE CODE OF PRACTICE FOR OFFICIAL STATISTICS This document reports a breach of the Code of Practice for Official Statistics, or the relevant Pre-release Access to Official Statistics Orders, to which the Code applies as if it included these orders. 1. Background information Name of Statistical Output (including weblink to the relevant output or ‘landing page’) HMRC Tax Receipts and National Insurance Contributions for the UK https://www.gov.uk/government/statistics/hmrc-tax-and-nics-receipts-for-the-uk#history Name of Producer Organisation HM Revenue and Customs Name and contact details of the statistical Head of Profession (Lead Official in an Arm’s Length Body) submitting this report, and date of report Sean Whellams, Head of Profession for Statistics, HMRC, 7th June 2016 2. Circumstances of breach Relevant Principle/Protocol and Practice Principle 4 – Practice 3 3. Adopt quality assurance procedures, including the consideration of each statistical product against users’ requirements, and of their coherence with other statistical products. Date of occurrence 19 June 2015, 22 March 2016, 21 April 2016, 24 May 2016 Nature of breach (including links with previous breaches, if any) The HMRC tax receipts and national insurance contributions for the UK statistics are published monthly. The May release was published at 9.30am on 24th May 2016 containing incorrect tax credit figures relating to the monthly data from April 2015 to March 2016. An external user contacted the department at 13:55 on 24th May 2016 enquiring about the tax credit figures in the publication, prompting investigation and identification of the error. -
HM Revenues and Customs (148KB Pdf)
FINANCE COMMITTEE CALL FOR EVIDENCE ON THE LAND AND BUILDINGS TRANSACTION TAX (SCOTLAND) BILL SUBMISSION FROM HM REVENUE & CUSTOMS 1. This submission is in response to the Committee’s invitation of 25 January 2013 to submit written evidence on the following specific issues: The transitional arrangements being made by HMRC with regards the operation of Stamp Duty Land Tax (SDLT) and the switch over in Scotland to Land and Buildings Transactions Tax (LBTT); Liaison with Scottish Government (SG), Registers of Scotland (RoS) and Revenue Scotland over these arrangements; Costs associated with this ‘switch over’; and Outline of the present relationship with RoS in gathering SDLT in Scotland. 2. HMRC is responsible for the collection and management of UK taxes (other than those collected by local authorities). As such, it is responsible for SDLT, which currently applies to land transactions in the United Kingdom. Under provisions of the Scotland Act 2012, SDLT will be “switched off” in Scotland and replaced by a devolved tax, the LBTT. This is expected to apply from April 2015. The transitional arrangements being made by HMRC with regards the operation of SDLT and the switch over in Scotland to LBTT 3. Section 80J(2) of the Scotland Act 1998 (inserted by section 28 of the Scotland Act 2012) has the effect that LBTT cannot be charged on a land transaction if SDLT applies to it. Broadly this means that, if the effective date of a Scottish transaction (for SDLT purposes) is before the date on which SDLT is switched off in Scotland (the switch-off date) it will be subject to SDLT and if that date is on or after the switch-off date it will be subject to LBTT. -
Forecasting Scottish Taxes
© Crown copyright 2012 You may re-use this information (not including logos) free of charge in any format or medium, under the terms of the Open Government Licence. To view this licence, visit http://www.nationalarchives.gov.uk/doc/open- government-licence/ or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or e-mail: [email protected]. Any queries regarding this publication should be sent to us at: [email protected] ISBN 978-1-84532-963-1 PU1300 Contents Introduction......................................................................................... 1 Chapter 1 The OBR's role in forecasting Scottish taxes ........................................... 3 Scotland Bill .................................................................................... 3 Proposals........................................................................................ 3 Chapter 2 Forecasting Scottish taxes..................................................................... 9 Overview ........................................................................................ 9 Scottish Income Tax ....................................................................... 10 Stamp Duty Land Tax .................................................................... 16 Landfill Tax ................................................................................... 20 Aggregates Levy............................................................................ 21 Methodology note: OBR's forecasting of Scottish -
Annual Report and Accounts 2020
Shareholder information Page Interim dividend for 2020 371 Interim dividends for 2021 371 Other equity instruments 371 2020 Annual General Meeting 371 Earnings releases and interim results 372 Shareholder enquiries and communications 372 Stock symbols 373 Investor relations 373 Where more information about HSBC is available 373 Taxation of shares and dividends 374 Approach to ESG reporting 375 Cautionary statement regarding forward-looking statements 375 Certain defined terms 376 Abbreviations 377 A glossary of terms used in this Annual Report and Accounts can be found in the Investors section of www.hsbc.com. Interim dividend for 2020 The Directors have approved an interim dividend for 2020 of $0.15 per ordinary share. Information on the currencies in which shareholders may elect to have the cash dividend paid will be sent to shareholders on or about 24 March 2021. The interim dividend will be paid in cash with no scrip alternative, as it is dilutive. The timetable for the interim dividend is: Footnotes Announcement 23 February 2021 Shares quoted ex-dividend in London, Hong Kong and Bermuda and American Depositary Shares (‘ADS’) quoted ex-dividend in New York 11 March 2021 Record date – London, Hong Kong, New York, Bermuda 1 12 March 2021 Mailing of Annual Report and Accounts 2020 and/or Strategic Report 2020 and dividend documentation 24 March 2021 Final date for receipt by registrars of forms of election, Investor Centre electronic instructions and revocations of standing instructions for dividend elections 15 April 2021 Exchange rate determined for payment of dividends in sterling and Hong Kong dollars 19 April 2021 Payment date 29 April 2021 1 Removals to and from the Overseas Branch register of shareholders in Hong Kong will not be permitted on this date. -
United Kingdom Information on Tax Identification Numbers
Jurisdiction’s name: United Kingdom Information on Tax Identification Numbers Section I – TIN Description The United Kingdom does not issue TINs in a strict sense, but it does have two TIN-like numbers, which are not reported on official documents of identification: 1. The unique taxpayer reference (UTR). The format is a unique set of 10 numerals allocated automatically by HMRC for both individuals and entities who have to submit a tax return. Although used on tax returns and some other correspondence, the UTR is not evidenced on a card or other official document. 2. The other reference used in the UK, is the National Insurance Number (NINO). This consists of two letters, six numbers and a suffix letter A, B, C or D (for example DQ123456C). All individuals living regularly in the United Kingdom are either allocated or can be issued with a NINO. A NINO is issued automatically to young people living in the UK when they approach the age of 16. The NINO is used on a number of official documents. Individuals are notified of their NINO by an official letter, from the Department for Work and Pensions or HM Revenue and Customs. However this contains the statement, “This is not proof of identity” and therefore it cannot be used to verify the identity of the holder. The NINO can be quoted as the tax reference number on some official documents from HM Revenue and Customs. Both the UTR and NINO are personal and private to the party they are allocated to; they are fixed for ever and they are always in the same format. -
Broad Economy Sales and Exports Statistics Development Plan
February 2021 Northern Ireland Broad Economy Sales and Exports Statistics Development Plan Geographical Area: Northern Ireland Theme: Economy Frequency: Ad Hoc This development plan sets out the progress made by the Northern Ireland Statistics Research Agency (NISRA) in developing Northern Ireland trade statistics over the last 5 years along with providing an overview of the plans for the next 2 years. Table of Contents 1 Introduction and background .......................................................................................... 2 1.1 Introduction to the Broad Economy Sales and Exports Statistics ............................ 2 1.2 Background to the development of the BESES ....................................................... 2 2 Progress since 2015 ...................................................................................................... 3 2.1 Developments in outputs since 2015 ...................................................................... 3 2.2 Usage of BESES statistics ...................................................................................... 5 2.3 User engagement ................................................................................................... 8 3 Development Priorities ................................................................................................... 9 4 Development plan engagement ................................................................................... 10 1 NISRA Broad Economy Sales and Exports Statistics Development Plan 2021 1 Introduction -
UK Public Finances and Oil Prices: Tax Bonanza from Black Gold? ECFIN
Economic analysis from the European Commission’s Directorate-General for Economic and Financial Affairs Volume VI, Issue 8 11/9/2009 ECFIN COUNTRY FOCUS Highlights in this issue: • Oil price increases have been associated with a tax UK public finances and oil prices: tax bonanza bonanza for from black gold? the UK Exchequer By Karl Scerri and Adriana Reut* • Changes in oil prices feed through into Summary tax revenues from oil The UK's self-sufficiency in fossil fuels shields public finances from the negative production and effects of higher oil prices on general economic activity. Changes in the international price of oil affect government revenues from the corporate and household sectors. sales of fuel Taxes on oil production are estimated to increase by around 0.1% of GDP for every $10 increase in the oil price. The increase in tax revenue on profits from oil • But a number production is partly mitigated by the fall in profits of the oil-consuming industries. of offsets limit Nevertheless, even if the non-oil corporate sector were to absorb the entire increase the overall in production costs through a reduction in profit margins, the net impact on corporate budgetary taxation would remain non-negligible, at 0.05% of GDP. On the demand side, we impact estimate a weaker effect of changes in oil prices on taxation revenues in the UK, as the reduction in fuel duty revenues following an increase in the crude oil price would offset higher revenues from VAT. The estimates on the budgetary impact of changes in oil prices underline the role of taxation regimes on oil production and energy demand, as well as the effect of changes in oil prices on the distribution of profits across industrial sectors and on the composition of household spending. -
DT-Company USA Notes
US-Company Notes Use these Notes to help you complete Form US-Company. If you need more information, please contact HM Revenue and Customs, Large Business – DTT Team. Our contact details are at Note 7. 1. Purpose of Form US-Company Form US-Company allows: • a US company • an unincorporated concern such as a mutual fund, pension scheme, charitable organisation or trust in the United States receiving interest and/or royalties arising in the United Kingdom to apply for relief at source from UK Income Tax under the United Kingdom/United States Double Taxation Convention (SI 2002 Number 2848). The form may be used to claim relief for any other income qualifying under Article 22 of the Convention – the ‘Other Income’ article. It also provides for a claim to repayment of UK Income Tax in cases where payments of the income have been made with UK tax taken off. 2. Tax vouchers There is no need to send tax vouchers with the completed Form US-Company, but you should keep them in case they are needed later to support it. You can send the vouchers if you think they will help us deal with the claim. 3. Beneficial ownership The UK/USA Double Taxation Convention provides for relief to be available to the beneficial owner of the income. Where a claimant is required to pass on the income for which the claim is made it may not be the beneficial owner of the income for the purposes of the Double Taxation Convention. Please see the HM Revenue and Customs (HMRC) guidance published in our International Manual (INTM). -
Memorandum of Understanding Between Office for Budget Responsibility, HM Treasury, Department for Work and Pensions and HM Revenue & Customs
Memorandum of Understanding between Office for Budget Responsibility, HM Treasury, Department for Work and Pensions and HM Revenue & Customs April 2011 Memorandum of Understanding between the Office for Budget Responsibility, HM Treasury, the Department for Work & Pensions and HM Revenue & Customs 1. The Budget Responsibility & National Audit Act 2011 establishes the Office for Budget Responsibility (‘the OBR’) as a central part of the UK’s fiscal framework, with responsibility for examining and reporting on the sustainability of the public finances. The OBR must be independent and expert—and perceived as such—in order to provide credible fiscal and economic forecasts and scrutiny of the long term sustainability of the public finances. 2. The OBR will provide essential analysis on which the Government can base its fiscal and economic policies. As such, for the OBR and the rest of Government to perform their respective functions effectively, close working will be essential. 3. This memorandum of understanding establishes a transparent framework for co- operation between the OBR and HM Treasury (‘the Treasury’), the Department of Work and Pensions (‘DWP’) and HM Revenue and Customs (‘HMRC’). This memorandum sets out the role of each body and how they will work together based on three guiding principles: • Accountability and transparency: the roles and responsibilities of each body must be clear and transparent, and respect the independence of the OBR; • Effective co-ordination: shared processes must be carefully ordered in response to the complex interdependencies of the four bodies; and • Regular information exchange: information must be shared regularly to enable each body to discharge its responsibilities effectively. -
Statement by Chief Minister Re Meeting with HM Treasury
STATEMENTS ON A MATTER OF OFFICIAL RESPONSIBILITY The Bailiff: Very well, we now come to statements. The first statement of which I have notice is a statement to be made by the Chief Minister regarding a meeting with Her Majesty’s Treasury on 27th November. 6. Statement by Chief Minister regarding a meeting with H.M. Treasury on 27th November 2008. 6.1 Senator F.H. Walker (The Chief Minister): Members will be aware that in his pre-budget report delivered last week the U.K. Chancellor of the Exchequer announced a review of the long term opportunities and challenges facing the Crown Dependencies and Overseas Territories as financial centres which have been brought into focus by recent financial and economic events. We in Jersey have, of course, been here before with the Edwards Review in 1998. However, to some extent this time it is different. We are now experienced in the review process. We have already been fully reviewed by the I.M.F. in 2003 and at that time were found to be almost fully compliant with the then international standards of regulation. More recently we have engaged with a review of the Treasury Select Committee in their work on offshore centres. Even more recently we have just concluded a further review by I.M.F. teams looking into our compliance firstly with international standards of anti-money laundering and countering the financing of terrorism; and secondly with prudential regulation under an I.M.F. review which includes matters of financial stability. We await their reports in due course.