Public Bodies Act 2011
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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. -
Parliamentary Debates (Hansard)
Wednesday Volume 528 18 May 2011 No. 160 HOUSE OF COMMONS OFFICIAL REPORT PARLIAMENTARY DEBATES (HANSARD) Wednesday 18 May 2011 £5·00 © Parliamentary Copyright House of Commons 2011 This publication may be reproduced under the terms of the Parliamentary Click-Use Licence, available online through The National Archives website at www.nationalarchives.gov.uk/information-management/our-services/parliamentary-licence-information.htm Enquiries to The National Archives, Kew, Richmond, Surrey TW9 4DU; e-mail: [email protected] 323 18 MAY 2011 324 I am sure the Secretary of State will join me in House of Commons congratulating the Police Service of Northern Ireland and the Garda on the recent Northern Ireland weapons Wednesday 18 May 2011 finds in East Tyrone and South Armagh. Will he give an assurance that the amnesty previously offered under the decommissioning legislation to those handing in, The House met at half-past Eleven o’clock and in possession of, such weapons will no longer apply, and that anyone caught in possession of weapons will be brought before the courts and any evidence arising PRAYERS from examination of the weapons will be used in prosecutions? [MR SPEAKER in the Chair] Mr Paterson: I am grateful to the right hon. Gentleman for his question, and I entirely endorse his comments on the co-operation between the PSNI and the Garda and Oral Answers to Questions the recent arms finds in Tyrone. The amnesty to which he refers expired in February 2010, and we have no plans to reintroduce it. There is no place for arms in NORTHERN IRELAND today’s Northern Ireland. -
Corporation Tax Act 2010
Changes to legislation: There are outstanding changes not yet made by the legislation.gov.uk editorial team to Corporation Tax Act 2010. Any changes that have already been made by the team appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes Corporation Tax Act 2010 CHAPTER 4 CORPORATION TAX ACT 2010 PART 1 INTRODUCTION 1 Overview of Act PART 2 CALCULATION OF LIABILITY IN RESPECT OF PROFITS CHAPTER 1 INTRODUCTION 2 Overview of Part CHAPTER 2 RATES AT WHICH CORPORATION TAX ON PROFITS CHARGED 3 Corporation tax rates CHAPTER 3 CALCULATION OF AMOUNT TO WHICH RATES APPLIED 4 Amount of profits to which corporation tax rates applied ii Corporation Tax Act 2010 (c. 4) Document Generated: 2021-09-28 Changes to legislation: There are outstanding changes not yet made by the legislation.gov.uk editorial team to Corporation Tax Act 2010. Any changes that have already been made by the team appear in the content and are referenced with annotations. (See end of Document for details) View outstanding changes CHAPTER 4 CURRENCY The currency to be used in tax calculations 5 Basic rule: sterling to be used 6 UK resident company operating in sterling and preparing accounts in another currency 7 UK resident company operating in currency other than sterling and preparing accounts in another currency 8 UK resident company preparing accounts in currency other than sterling 9 Non-UK resident company preparing return of accounts in currency other than sterling 9A Designated currency of a UK resident -
Finance Bill Explanatory Notes
Finance Bill Explanatory Notes 19 March 2020 Introduction ....................................................... 11 Part 1: Income Tax, Corporation Tax and Capital Gains Tax .............................................. 12 Clause 1: Income tax charge for tax year 2020 - 21 .......................................................................... 13 Clause 2: Main rates of income tax for tax year 2020- 21 ............................................................... 14 Clause 3: Default and savings rates of income tax for tax year 2020- 21 .................................... 16 Clause 4: Starting rate limit for savings for tax year 2020-21 ........................................................ 18 Clause 5: Main rate of corporation tax for financial year 2020 ............................................. 21 Clause 6: Corporation tax: charge and main rate for financial year 2021 ............................... 22 Clause 7: Determining the appropriate percentage for a car: tax year 2020-21 onwards .............................................................................. 23 Clause 8: Determining the appropriate percentage for a car: tax year 2020-21 only .... 30 1 Clause 9: Determining the appropriate percentage for a car: tax year 2021-22 only .... 35 Clause 10: Apprenticeship bursaries paid to persons leaving local authority care ............... 40 Clause 11: Tax treatment of certain Scottish social security benefits ...................................... 46 Clause 12: Power to exempt social security benefits from income tax -
Budget 2020: Overview of Tax Legislation and Rates
Overview of Tax Legislation and Rates 11 March 2020 1 Contents 1. Finance Bill 2020 Personal Tax 4 Capital Allowances 6 Corporate Tax 6 Indirect Tax 7 Avoidance and Evasion 10 Tax Administration 11 2. Measures not in Finance Bill 2020 Personal Tax 13 Capital Allowances 14 Corporate Tax 15 Indirect Tax 16 Property Tax 19 Avoidance and Evasion 19 Tax Administration 21 Table 1: Unchanged measures 22 Table 2: Measures in this document without a corresponding 23 announcement in the Budget report 24 Annex A: Rates and Allowances 62 Annex B: Consultations 63 Annex C: Guide to impact assessments in Tax Information and 67 Impact Notes (TIINs) and full text of TIINs 2 Introduction This document sets out the detail of each tax policy measure announced at Budget 2020. It is intended for tax practitioners and others with an interest in tax policy changes, especially those who will be involved in consultations both on the policy and on draft legislation. Finance Bill 2020 will be published on 19 March 2020. The information in the document is set out as follows: Chapter 1 contains details of measures that are included in Finance Bill 2020. Chapter 2 contains details of measures which are part of Budget 2020 but are not in Finance Bill 2020. Table 1 lists measures where draft legislation was published on 11 July 2019, for consultation, and which remain unchanged. Table 2 lists measures in this document without a corresponding announcement in the Budget report. Annex A provides tables of tax rates and allowances for the tax year 2020 to 2021 and the tax year 2021 to 2022. -
Explanatory Notes to Finance Bill 2020
Finance Bill Explanatory Notes 19 March 2020 Introduction ............................................................................................................................................ 5 Part 1: Income Tax, Corporation Tax and Capital Gains Tax .......................................................... 6 Clause 1: Income tax charge for tax year 2020 - 21 ............................................................................ 7 Clause 2: Main rates of income tax for tax year 2020- 21 ................................................................. 8 Clause 3: Default and savings rates of income tax for tax year 2020- 21 ........................................ 9 Clause 4: Starting rate limit for savings for tax year 2020-21 ........................................................ 10 Clause 5: Main rate of corporation tax for financial year 2020 ...................................................... 11 Clause 6: Corporation tax: charge and main rate for financial year 2021 .................................... 12 Clause 7: Determining the appropriate percentage for a car: tax year 2020-21 onwards .......... 13 Clause 8: Determining the appropriate percentage for a car: tax year 2020-21 only .................. 15 Clause 9: Determining the appropriate percentage for a car: tax year 2021-22 only .................. 17 Clause 10: Apprenticeship bursaries paid to persons leaving local authority care .................... 19 Clause 11: Tax treatment of certain Scottish social security benefits ........................................... -
Finance (No. 3) Bill Explanatory Notes
Finance (No. 3) Bill Explanatory Notes 7 November 2018 Introduction ............................................................................................................................. 5 Part 1: Direct taxes .................................................................................................................. 6 Clause 1: Income tax charge for tax year 2019-20 .............................................................. 7 Clause 2: Corporation tax charge for financial year 2020 ................................................. 8 Clause 3: Main rates of income tax for tax year 2019-20 ................................................... 9 Clause 4: Default and savings rates of income tax for tax year 2019-20 ....................... 10 Clause 5: Basic rate limit and personal allowance ........................................................... 11 Clause 6: Starting rate limit for savings for tax year 2019-20 ......................................... 13 Clause 7: Optional remuneration arrangements: arrangements for cars and vans .... 14 Clause 8: Exemption for benefit in form of vehicle-battery charging at workplace ... 17 Clause 9: Exemptions relating to emergency vehicles .................................................... 19 Clause 10: Exemption for expenses related to travel ....................................................... 22 Clause 11: Beneficiaries of tax-exempt employer-provided pension benefits ............. 24 Clause 12: Tax treatment of social security income ........................................................ -
Corporation Tax Bill and Taxation (International and Other Provisions) Bill
House of Lords House of Commons Joint Committee on Tax Law Rewrite Bills Corporation Tax Bill and Taxation (International and Other Provisions) Bill First Report of Session 2009-10 Report, together with formal minutes and written evidence Ordered by the House of Lords to be printed 11 January 2010 Ordered by the House of Commons to be printed 11 January 2010 HL Paper 31 HC 232 Published on 27 January 2010 by authority of the House of Commons London: The Stationery Office Limited £0.00 The Joint Committee on Tax Law Rewrite Bills The Joint Committee on Tax Law Rewrite Bills is appointed to consider tax law rewrite bills, and in particular to consider whether each bill committed to it preserves the effect of the existing law, subject to any minor changes which may be desirable. Current membership Mr Andrew Tyrie MP (Conservative, Chichester) (elected Chairman, 11 January 2010) Mr William Bain MP (Labour, Glasgow North East) Mr Colin Breed MP (Liberal Democrats, South East Cornwall) Ms Kali Mountford MP (Labour, Colne Valley) Mr Andy Reed MP (Labour, Loughborough) Mr Stephen Timms MP (Labour, East Ham) Mr Peter Viggers MP (Conservative, Gosport) Lord Blackwell (Conservative) Lord Goodhart (Liberal Democrat) Baroness Goudie (Labour) Lord Haskel (Labour) Rt Hon Lord Millett (Cross Bench) Lord Newton of Braintree (Conservative) Powers The Joint Committee is appointed under Standing order No. 152C of the House of Commons and pursuant to the motion of 9 December 2004 of the House of Lords. It has the power to require the submission of written evidence and documents, to examine witnesses, to meet at any time (except when Parliament is prorogued or dissolved), to appoint specialist advisers, and to make Reports to the House. -
Charities Act 2011
Changes to legislation: There are outstanding changes not yet made by the legislation.gov.uk editorial team to Charities Act 2011. Any changes that have already been made by the team appear in the content and are referenced with annotations. (See end of Document for details) Charities Act 2011 2011 CHAPTER 25 An Act to consolidate the Charities Act 1993 and other enactments which relate to charities. [14th December 2011] BE IT ENACTED by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:— Annotations: Modifications etc. (not altering text) C1 Act: functions transferred (9.11.2016) by The Transfer of Functions (Elections, Referendums, Third Sector and Information) Order 2016 (S.I. 2016/997), art. 10(2)(g) (with arts. 10(3), 11, 12) PART 1 MEANING OF “CHARITY” AND “CHARITABLE PURPOSE” CHAPTER 1 GENERAL Charity 1 Meaning of “charity” (1) For the purposes of the law of England and Wales, “charity” means an institution which— (a) is established for charitable purposes only, and 2 Charities Act 2011 (c. 25) Part 1 – Meaning of “charity” and “charitable purpose” CHAPTER 1 – General Document Generated: 2018-01-28 Changes to legislation: There are outstanding changes not yet made by the legislation.gov.uk editorial team to Charities Act 2011. Any changes that have already been made by the team appear in the content and are referenced with annotations. (See end of Document for details) (b) falls to be subject to the control of the High Court in the exercise of its jurisdiction with respect to charities. -
Corporation Tax in Northern Ireland
BRIEFING PAPER Number 7078, 16 May 2018 Corporation tax in By Antony Seely Northern Ireland Contents: 1. Consultation on devolving corporation tax, March 2011 2. Northern Ireland Affairs Committee report, May 2011 3. Further discussion of the case for devolving corporation tax 4. Autumn Statement & the Stormont Agreement, December 2014 5. The Corporation Tax (Northern Ireland) Act 2015 6. Recent developments www.parliament.uk/commons-library | intranet.parliament.uk/commons-library | [email protected] | @commonslibrary 2 Corporation tax in Northern Ireland Contents Summary 3 1. Consultation on devolving corporation tax, March 2011 5 1.1 The experience of the Republic of Ireland 8 1.2 The implications of EU rules on State Aid 14 1.3 Quantifying the potential impact of a lower rate of tax 15 2. Northern Ireland Affairs Committee report, May 2011 18 3. Further discussion of the case for devolving corporation tax 23 4. Autumn Statement & the Stormont Agreement, December 2014 31 5. The Corporation Tax (Northern Ireland) Act 2015 36 5.1 Second Reading 38 5.2 Further debate & scrutiny 42 6. Recent developments 48 Cover page image copyright : Attributed to: Gladstone’s red box by The National Archives UK. Image cropped. No known copyright restrictions. 3 Commons Library Briefing, 16 May 2018 Summary For some years it has been argued that the Republic of Ireland has had greater success in attracting foreign direct investment due, in part, to its relatively low rate of corporation tax, and that Northern Ireland has suffered from this tax competition. -
HC 1104 HM Treasury Budget 2014
BUDGET 2014 HC 1104 March 2014 BUDGET 2014 Return to an order of the House of Commons dated 19 March 2014 Copy of the Budget Report – March 2014 as laid before the House of Commons by the Chancellor of the Exchequer when opening the Budget. Sajid Javid Her Majesty’s Treasury 19 March 2014 Ordered by the House of Commons to be printed 19 March 2014 HC 1104 © Crown copyright 2014 You may re-use this information (excluding logos) free of charge in any format or medium, under the terms of the Open Government Licence v.2. To view this licence visit www.nationalarchives.gov.uk/doc/open-government-licence/version/2/ or email [email protected] Where third party material has been identified, permission from the respective copyright holder must be sought. This publication is available at www.gov.uk/government/publications Any enquiries regarding this publication should be sent to us at [email protected]. Print ISBN 9781474100700 Web ISBN 9781474100717 Printed in the UK by the Williams Lea Group on behalf of the Controller of Her Majesty’s Stationery Office ID 2626361 37630 03/14 Printed on paper containing 75% recycled fibre content minimum The Budget Report is presented pursuant to section 2 of the Budget Responsibility and National Audit Act 2011 and in accordance with the Charter for Budget Responsibility. The Budget Report, combined with the Office for Budget Responsibility’s Economic and fiscal outlook, constitutes the Government’s assessment under section 5 of the European Communities (Amendment) Act 1993 that will form the basis of the Government’s submissions to the European Commission under 121 TFEU (ex Articles 99/103 TEU) and Article 126 TFEU (ex Article 104/104c TEU) after the assessment is approved by Parliament. -
Th E Single Incom E
The Single Income Tax Income Single The The Single Income Tax Final report of the 2020 Tax Commission 2020 Tax Commission The TaxPayers’ Alliance 55 Tufton Street, London SW1P 3QL 0845 330 9554 [email protected] www.2020tax.org The 2020 Tax Commission is part of the TaxPayers’ Alliance, a Company Limited by Guarantee in England No. 04873888 © The TaxPayers’ Alliance 2012 Published May 2012 ISBN 978-0-9563920-2-2 Cover image: The Payment of Taxes by Georges de la Tour, c. 1624 (photo: akg-images/Erich Lessing) Designed by Soapbox, www.soapbox.co.uk Printed by Impress Print Services, www.impressprint.net £50.00 The Single Income Tax Final report of the 2020 Tax Commission May 2012 Chairman: Allister Heath Commissioners: Andrew Allum, Richard Baron, Kevin Bell, Rosemary Brown, Mike Denham, Martin Durkin, Matthew Elliott, Anthony J. Evans, David Frost, Graham Hampson Silk, Graeme Leach, Andrew Lilico, Mark Littlewood, Douglas McWilliams, Fraser Nelson, Stephan Shakespeare Chief Economist: David B. Smith Principal Editor: Matthew Sinclair Lead researchers: Rory Meakin, John O’Connell Other contributors: Eamonn Butler, Scott Corfe, Arvid Malm, Tom Packer, Matt Ridley, Bilal Sambur, Nima Sanandaji, Tino Sanandaji, Corin Taylor, Tom Welsh Contents Prologue To create the conditions for stronger economic growth and more jobs, while treating taxpayers fairly, the Government must reform taxes to make them lower, simpler and more transparent. To achieve this, the 2020 Tax Commission recommends the Single Income Tax, which can be introduced in six steps: 1. Taxes should be cut to 33 per cent of national income 2. Marginal tax rates should not exceed 30 per cent, and the personal allowance should rise to £10,000 3.