HMRC Annual Report and Accounts 2019 to 2020 (Print)
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Taxation of Land and Economic Growth
economies Article Taxation of Land and Economic Growth Shulu Che 1, Ronald Ravinesh Kumar 2 and Peter J. Stauvermann 1,* 1 Department of Global Business and Economics, Changwon National University, Changwon 51140, Korea; [email protected] 2 School of Accounting, Finance and Economics, Laucala Campus, The University of the South Pacific, Suva 40302, Fiji; [email protected] * Correspondence: [email protected]; Tel.: +82-55-213-3309 Abstract: In this paper, we theoretically analyze the effects of three types of land taxes on economic growth using an overlapping generation model in which land can be used for production or con- sumption (housing) purposes. Based on the analyses in which land is used as a factor of production, we can confirm that the taxation of land will lead to an increase in the growth rate of the economy. Particularly, we show that the introduction of a tax on land rents, a tax on the value of land or a stamp duty will cause the net price of land to decline. Further, we show that the nationalization of land and the redistribution of the land rents to the young generation will maximize the growth rate of the economy. Keywords: taxation of land; land rents; overlapping generation model; land property; endoge- nous growth Citation: Che, Shulu, Ronald 1. Introduction Ravinesh Kumar, and Peter J. In this paper, we use a growth model to theoretically investigate the influence of Stauvermann. 2021. Taxation of Land different types of land tax on economic growth. Further, we investigate how the allocation and Economic Growth. Economies 9: of the tax revenue influences the growth of the economy. -
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 -
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. -
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. -
Externalities in International Tax Enforcement: Theory and Evidence∗
Externalities in International Tax Enforcement: Theory and Evidence∗ Thomas Tørsløv (University of Copenhagen) Ludvig Wier (UC Berkeley) Gabriel Zucman (UC Berkeley and NBER) December 25, 2020 Abstract We show that the fiscal authorities of high-tax countries can lack the incentives to combat profit shifting to tax havens. Instead, they have incentives to focus their enforcement efforts on relocating profits booked by multinationals in other high-tax countries, crowding out the enforcement on transactions that shift profits to tax havens, and reducing the global tax payments of multinational companies. The predictions of our model are motivated and supported by the analysis of two new datasets: the universe of transfer price corrections conducted by the Danish tax authority, and new cross-country data on international tax enforcement. ∗Thomas Tørsløv: [email protected]; Ludvig Wier: [email protected]; Gabriel Zucman: [email protected]. We thank the Danish Tax Administration for data access and many conversations, the Editor, three referees, and numerous seminar and conference participants. Financial support from the FRIPRO program of the Research Council of Norway and from Arnold Ventures is gratefully acknowledged. The authors retain sole responsibility for the views expressed in this research. 1 Introduction Multinational firms can avoid taxes by shifting profits from high-tax to low-tax countries. A number of studies suggest that this profit shifting causes substantial losses of tax revenue (Criv- elli, de Mooij and Keen, 2015; Bolwijn et al., 2018; Clausing, 2016; Tørsløv et al., 2020). In principle, tax authorities in high-tax countries can attempt to reduce profit shifting by increas- ing the monitoring of intra-group transactions and enforcing more strongly the rules governing the pricing of these transactions.1 Why, despite the sizable revenue losses involved, does profit shifting nonetheless persist? This paper provides a novel answer to this question by studying the incentives faced by tax authorities. -
Tax Update Inland Revenue (Amendment) Act No
Tax update Inland Revenue (Amendment) Act No. 10 of 2021 May 2021 01 Tax update | Inland Revenue (Amendment) Act No.10 of 2021 Inland Revenue (Amendment) Act No.10 of 2021 The Inland Revenue (Amendment) Act No. 10 of 2021 (“Amendment Act”) certified by the Hon. Speaker on 13 May 2021, amends the Inland Revenue Act No. 24 of 2017 (“IRA”). A summary of the key amendments to the IRA is given below. 1. Employment income - Gains and profits excluded Medical expenses Under the existing provisions of the IRA, the exclusion given from employment income for a discharge or reimbursement of dental, medical, or health insurance expenses is available for full-time employees on equal terms. This exclusion will be applicable to full-time employees in the same grade of the service on equal terms. This is effective retrospectively from 1 April 2018. Contribution to a gratuity fund Under the IRA, contributions made by an employer to an employee’s account with a pension, provident, or savings fund or savings society approved by the commissioner general is excluded from employment income. This exclusion is effective from 1 April 2018 to cover contributions to gratuity fund approved by the commissioner general. 2. General deductions Retirement contributions to gratuity funds An employer’s contribution to a gratuity fund approved by the commissioner general has also been included as retirement contribution, eligible for exclusion in calculating an individual’s income or profits from employment. This amendment is effective retrospectively from 1 April 2018. 3. Main deduction Financial institutions – Loans for new business by individuals completing vocational education Under the Amendment Act, a financial institution’s cost of funds incurred on loans provided to individuals fulfilling the following requirements, is deemed to be incurred in the production of its income. -
Stamp Duty Land Tax Information Sheet Fact Sheet
STAMP DUTY LAND TAX INFORMATION SHEET FACT SHEET What is Stamp Duty Land Tax? Stamp Duty Land Tax is a tax which was introduced by the Finance Act in 2003. The Stamp Duty Land Tax (SDLT) was introduced to replace the old Stamp Duty regime. SDLT is a compulsory tax in the same way as Income Tax and VAT is. How do I pay the Stamp Duty Land Tax that I owe? When we complete your transaction, we will be required to send a Land Transaction Return form to the Inland Revenue and at the same time, pay the SDLT on your transaction. We will be able to complete and submit the Land Transaction Return form but you should be advised that it is your obligation to notify the Inland Revenue of your liability to tax within 30 days from the date of completion. In effect, this means that the Land Transaction Return form must be signed by you and returned to us as soon as possible after completion if we have not received it beforehand so that we can ensure the form arrives with the Inland Revenue within a 30 day time limit. In the event that the Land Transaction Return is returned late, then a penalty of £100 will be imposed and you will also be required to pay interest on the outstanding tax. This penalty will increase to £200 if either the penalty is not paid or the Land Transaction Return form has still not been received within two months of the date of completion. What information do we need to complete the return? Whilst we are prepared to complete the Land Transaction return form on your behalf, we will only be able to complete the form in reliance on the information that you provide us with and you have the ultimate responsibility for the accuracy of this information. -
Remaking the Large Corporate Taxpayer Into a Visible Customer Partner: the Changing Role of Tax Governance. Penelope Tuck Warwic
Remaking the Large Corporate Taxpayer into a Visible Customer Partner: the changing role of tax governance. Penelope Tuck Warwick Business School Abstract The emergence of the neo-liberalism agenda has encouraged the rule of private interests co-ordinated by markets. A reactive measure to this has been the growth of regulation both by central government and regulatory bodies and the explosion of audit and scrutiny. This paper examines the change in a regulatory authority, HM Revenue & Customs (HMRC) as it responds to this agenda and leading to a search for a new identity as a customer-service provider. It focuses on the large corporate taxpayer. Changing HMRC collection, assessment and administrative practices have made the corporate taxpayer more visible and accountable. HMRC, by adopting a less confrontational approach than the previously traditional approach, is transforming itself to work in a neo-liberal inspired „quasi‟ partnership with large corporates. From an empirical research base of semi- structured interviews, this paper examines if and how relations between HMRC and large corporates have been altered. The increased visibility, joint working and partnership practices alter the nature of the corporate tax compliance process to a more inclusive dialogue. This leads to altered power relations between the regulator and the regulatee whereby the regulatee gains a different type of power in the form of visibility in the regulatory relationship. This paper contributes to the broader aspects of the development of public administration in the UK. 1 2 Introduction The neo liberalism agenda has encouraged public administrations to focus on the users of their services rather than the act of providing the service themselves.