Civil Service Quarterly Issue 03 January 2014
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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. -
Finance Act 2015
Number 52 of 2015 Finance Act 2015 Number 52 of 2015 FINANCE ACT 2015 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 Part 18D of Principal Act (universal social charge) CHAPTER 3 Income Tax 3. Earned income tax credit 4. Amendment of section 466A of Principal Act (home carer tax credit) 5. Amendment of section 192A of Principal Act (exemption in respect of certain payments under employment law) 6. Exemption in respect of certain expense payments for relevant directors 7. Exemption in respect of certain expenses of State Examinations Commission examiners 8. Amendment of section 470 of Principal Act (relief for insurance against expenses of illness) 9. Amendment of section 477B of Principal Act (home renovation incentive) 10. Professional services withholding tax 11. Granting of vouchers 12. Amendment of section 372AP of Principal Act (relief for lessors) 13. Amendment of section 959B of Principal Act (supplemental interpretation provisions) 14. Amendment of Schedule 25B to Principal Act (list of specified reliefs and method of determining amount of specified relief used in a tax year) CHAPTER 4 Income Tax, Corporation Tax and Capital Gains Tax 1 [No. 52.] Finance Act 2015. [2015.] 15. Amendment of section 97 of Principal Act (computational rules and allowable deductions) 16. Amendment of section 256 of Principal Act (interpretation (Chapter 4)) 17. Amendment of section 481 (relief for investment in films) and section 851A (confidentiality of taxpayer information) of Principal Act 18. Income tax relief for investment in corporate trades – employment and investment incentive and seed capital scheme 19. -
Gift Aid and Intermediaries
Gift Aid and Intermediaries Technical Consultation Publication date: 10th August 2016 Closing date for comments: 5th October 2016 Subject of this The Government announced at Autumn Statement 2013 that it would consultation: give intermediaries, operating within the charity sector, a greater role in administering Gift Aid. Scope of this Since then, the Government has published provisions in Finance Bill consultation: 2015 and 2016 to support this aim. The Government has also produced draft secondary legislation which sets out, in detail, the way in which this greater role will work. This consultation sets out those draft Regulations and asks for comments to ensure they achieve the desired outcome. Who should These proposed changes will be of interest to the charity sector, read this: intermediaries who collect donations on the behalf of charities and individuals who donate to charities. Duration: The consultation will run for 8 weeks commencing on 10th August 2016 Lead official: Christopher Maudsley, HM Revenue and Customs How to respond By email please send responses to: or enquire about this [email protected] consultation: By post please send responses to: Intermediaries Consultation Christopher Maudsley Room G45 Charities 100 Parliament Street London SW1A 2BQ Telephone enquiries 03000 518 538 Additional ways The consultation team would be happy to meet with interested parties to be involved: during the consultation period. Please email the team, where there is enough interest a general meeting will be organised in London. After the The Government’s response will be published and draft Regulations will consultation: be made later this year with the intention of coming into effect in April 2017. -
Tax Credits Act 2002 (Commencement No 4, Transitional Provisions and Savings) Order 2003
2003/962 Tax Credits Act 2002 (Commencement No 4, Transitional Provisions and Savings) Order 2003 Made by the Treasury under TCA 2002 ss 61, 62(2) Made 31 March 2003 1 Citation and interpretation (1) This Order may be cited as the Tax Credits Act 2002 (Commencement No 4, Transitional Provisions and Savings) Order 2003. (2) In this Order— “the Act” means the Tax Credits Act 2002; “the 1999 Act” means the Tax Credits Act 1999; and “the superseded tax credits” means working families' tax credit and disabled person's tax credit. 2 Commencement of provisions of the Act (1) Subject to the provisions of articles 3 and 4 (savings and transitional provisions), the provisions of the Act specified in this article shall come into force in accordance with the following paragraphs of this article. (2) Section 47 (consequential amendments), so far as it relates to paragraphs 4 to 7 of Schedule 3, shall come into force on 1st April 2003. (3) The following provisions of the Act shall come into force on 6th April 2003— (a) section 1(3)(a) and (f) (abolition of children's tax credit under section 257AA of the Income and Corporation Taxes Act 1988 and employment credit); (b) section 47, so far as it relates to the provisions of Schedule 3 specified in sub-paragraph (d); (c) section 60 (repeals), so far as it relates to the provisions of Schedule 6 specified in sub-paragraph (e); (d) in Schedule 3 (consequential amendments)— (i) paragraphs 1 to 3, (ii) paragraphs 8 and 9, and (iii) paragraphs 13 to 59; and (e) in Schedule 6, the entries relating to the enactments specified in column 1 of Schedule 1 to this Order to the extent shown in column 2 of that Schedule. -
THE FINANCE ACT No. 10 of 2010 an Act of Parliament to Amend the Law
211 THE FINANCE ACT No. 10 of 2010 Date of Assent: 21st December, 2010 Date of Commencement: Section 77-24th December, 2010 All Other Sections: See Section 1 An Act of Parliament to amend the law relating to various taxes and duties and for matters incidental thereto ENACTED by the Parliament of Kenya, as follows - PRELIMINARY -PART I 1. This Act may be cited as the Finance Act, 2010 and short title and commencement. shall come into operation, or be deemed to have come into operation, as follows- (a) sections 2, 3, 4, 5, 6, 7, 10, 11(a), 11(c) 12, 13, 14, 15, 16, 17, 18, 19, 20, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 34, 35, 36, 37, 42, 43, 44, 55, 56, 57, 63,71, 73, 74, 75, 78, and 79, on the 1 1th June, 2010; 47, (b) sections 8, 9, 11 (b), 21, 33, 38, 39, 40, 41, 45, 46, 48, 49, 50, 51, 52, 53, 54, 58, 59, 60, 61, 62, 64, 65, 66, 67, 68, 69, 70, 72, 76, 80, 81, 82, 83, 84, 85, 86 and 87, on the 1st January, 2011. CUSTOMS AND EXCISE PART II - and Excise Act is amended in section 2 Amendment of 2. The Customs section 2 of by inserting the following new definitions in proper Cap.472. alphabetical sequence- "information technology" means any equipment or software for use in storing, retrieving , processing or disseminating information; 212 No. 10 Finance 2010 "tax computerized system" means any software or hardware for use in storing, retrieving, processing or disseminating information relating to excise duty. -
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. -
Taxation of Crypto Assets
Taxation of Crypto Assets Edited by Niklas Schmidt Jack Bernstein Stefan Richter Lisa Zarlenga Published by: Kluwer Law International B.V. PO Box 316 2400 AH Alphen aan den Rijn The Netherlands E-mail: [email protected] Website: lrus.wolterskluwer.com Sold and distributed by: Wolters Kluwer Legal & Regulatory U.S. 7201 McKinney Circle Frederick, MD 21704 United States of America Email: [email protected] Printed on acid-free paper. ISBN 978-94-035-2350-7 e-Book: ISBN 978-94-035-2351-4 web-PDF: ISBN 978-94-035-2352-1 © 2021 Niklas Schmidt, Jack Bernstein, Stefan Richter & Lisa Zarlenga All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without written permission from the publisher. Permission to use this content must be obtained from the copyright owner. More information can be found at: lrus.wolterskluwer.com/policies/permissions-reprints-and-licensing Printed in the United Kingdom. Editors Jack Bernstein is the Senior Tax Partner at Aird & Berlis LLP in Toronto and Chair of the firm’s International Tax practice. Jack is well known in international tax planning, mergers and acquisitions, corporate restructuring, reorganizations and financing. He is experienced in dealing with public and private corporations and has advised hedge funds, venture capital funds and real estate funds. He also has extensive experience in advising high-net-worth private clients on international, cross-border and domestic estate and tax planning. An authority on multijurisdictional matters and a prolific writer and speaker, Jack regularly contributes to leading tax publications globally, including Tax Notes International. -
———————— Number 9 of 2012 ———————— FINANCE ACT 2012 ———————— ARRANGEMENT of SECT
———————— Number 9 of 2012 ———————— FINANCE ACT 2012 ———————— ARRANGEMENT OF SECTIONS PART 1 Income Levy, 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. Universal social charge: miscellaneous amendments. 3. Universal social charge: surcharge on use of property incentives. Chapter 3 Income Levy and Income Tax 4. Share-based remuneration. 5. Amendment of Schedule 23A (specified occupations and professions) to Principal Act. 6. Amendment of section 470B (age-related relief for health insurance premiums) of Principal Act, etc. 7. Amendment of section 126 (tax treatment of certain benefits payable under Social Welfare Acts) of Principal Act. 8. Relief for key employees engaged in research and develop- ment activities. 9. Amendment of section 244 (relief for interest paid on certain home loans) of Principal Act. 1 [No. 9.]Finance Act 2012. [2012.] 10. Amendment of section 472A (relief for the long term unemployed) of Principal Act. 11. Amendment of section 473A (relief for fees paid for third level education, etc.) of Principal Act. 12. Deduction for income earned in certain foreign states. 13. Amendment of section 825B (repayment of tax where earn- ings not remitted) of Principal Act. 14. Special assignee relief programme. 15. Provisions relating to PAYE. 16. Changes relating to tax relief for lessors, carried forward losses and balancing charges. 17. Provisions in relation to property incentives and capital allowances. 18. Retirement benefits. Chapter 4 Income Tax, Corporation Tax and Capital Gains Tax 19. Amendment of section 176 (purchase of unquoted shares by issuing company or its subsidiary) of Principal Act. -
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. -
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). -
Autumn Budget 2018 - More Treat Than Trick? 2 Budget 2018 Report: More Treat Than Trick? Foreword Contributed by Paul Robbins
Crucial insight from the Croner-i in-house team of tax writers Autumn Budget 2018 - More treat than trick? 2 Budget 2018 Report: More treat than trick? Foreword Contributed by Paul Robbins Welcome to the latest of Croner-i’s Budget briefings. Paul Robbins ACA, CTA Our expanded team of tax experts (welcome Sarah Arnold, Sarah Kay, Stephanie Webber and Lindsey Wicks) has considered the announcements under the following headings: Paul Robbins is the content and innovation manager for • Income tax and NIC Croner-i Tax. • Pensions and savings tax • Charity taxes After graduating, Paul worked • Capital gains tax in the tax departments of two • Inheritance tax large firms now absorbed into • Business tax the Big 4 before joining Croner-i • Enterprise tax as a tax technical writer • Corporate tax specialising in corporates. • Property tax • Stamp taxes and ATED At Croner-i he has held various publishing posts whilst also • VAT managing the team of in-house tax writers and being lead • Energy and transporttax technical editor on a number of core titles. He is now • Environmental tax responsible for the quality and development of the • Indirect tax Croner-i tax portfolio. • EU exit • Administration • Avoidance and evasion I won’t steal their collective thunder by covering particular announcements here. Suffice to say that We continue to invest heavily in our other tax while the Spring Statement 2018 had more tax than commentaries and our source materials databases to was promised the Autumn Budget 2018 has more tax help you get to grips with all planned and unplanned than first meets the eye.