Corporation Tax Act 2009
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Finance Act 1997
Changes to legislation: There are outstanding changes not yet made by the legislation.gov.uk editorial team to Finance Act 1997. 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 Finance Act 1997 1997 CHAPTER 16 An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance. [19th March 1997] Most Gracious Sovereign, WE, Your Majesty’s most dutiful and loyal subjects, the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty’s public expenses, and making an addition to the public revenue, have freely and voluntarily resolved to give and grant unto Your Majesty the several duties hereinafter mentioned; and do therefore most humbly beseech Your Majesty that it may be enacted, and 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:— PART I EXCISE DUTIES Alcoholic liquor duties 1 Rates of duty on spirits and wines of equivalent strength. (1) In section 5 of the M1Alcoholic Liquor Duties Act 1979 (spirits), for “£19.78” there shall be substituted “ £18.99 ”. (2) In Part II of the Table of rates of duty in Schedule 1 to that Act (wine or made-wine of a strength exceeding 22 per cent.), for “19.78” there shall be substituted “ 18.99 ”. -
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. -
IRC V. Willoughby
HOUSE OF LORDS Lord Nolan Lord Mustill Lord Hoffmann Lord Clyde Lord Hutton OPINIONS OF THE LORDS OF APPEAL FOR JUDGMENT IN THE CAUSE COMMISSIONERS OF INLAND REVENUE (APPELLANTS) v. WILLOUGHBY (RESPONDENT) (FIRST APPEAL) COMMISSIONERS OF INLAND REVENUE (APPELLANTS) v. WILLOUGHBY (RESPONDENT) (SECOND APPEAL) (CONSOLIDATED APPEALS) ON 10 JULY 1997 LORD NOLAN My Lords, In this appeal the Commissioners of Inland Revenue seek to uphold five assessments to income tax, four of which were made on the respondent Professor Willoughby for the years of assessment 1987/8 to 1990/1 inclusive and the fifth of which was made on his wife, the respondent Mrs. Willoughby, for the year of assessment 1990/1. The assessment upon Professor Willoughby for 1987/8 was made under section 478 of the Income and Corporation Taxes Act 1970. The remaining assessments were made under section 739 of the Income and Corporation Taxes Act 1988, which replaced and re-enacted section 478 of the Act of 1970 without material alteration. The origin of these sections is to be found in section 18 of the Finance Act 1936, a section whose provisions, either in their original or in their re-enacted form, have been considered by your Lordships' House on previous occasions. It will be convenient, and sufficient for all relevant purposes, if as a general rule I refer to these provisions in the form in which they appear in the Act of 1988. Section 739 is the first section in Chapter III of Part XVII of the Act, which is concerned with the transfer of assets abroad. -
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. -
Finance Act, 2001 ———————— Arrangement Of
———————— Number 7 of 2001 ———————— FINANCE ACT, 2001 ———————— ARRANGEMENT OF SECTIONS PART 1 Income Tax, Corporation Tax and Capital Gains Tax Chapter 1 Interpretation Section 1. Interpretation (Part 1). Chapter 2 Income Tax 2. Tax credits. 3. Alteration of rates of income tax. 4. Age exemption. 5. Amendment of section 122 (preferential loan arrangements) of Principal Act. 6. Amendment of section 126 (tax treatment of certain benefits payable under Social Welfare Acts) of Principal Act. 7. Amendment of section 467 (employed person taking care of incapacitated individual) of Principal Act. 8. Amendment of section 469 (relief for health expenses) of Principal Act. 9. Amendment of section 473 (allowance for rent paid by cer- tain tenants) of Principal Act. 10. Amendment of section 477 (relief for service charges) of Principal Act. [No. 7.] Finance Act, 2001. [2001.] Section 11. Relief for trade union subscriptions. 12. Amendment of Part 16 (income tax relief for investment in corporate trades — business expansion scheme and seed capital scheme) of Principal Act. 13. Employee share ownership trusts — deceased beneficiaries. 14. Amendment of Schedule 13 (accountable persons for pur- poses of Chapter 1 of Part 18) to Principal Act. 15. Approved share option schemes. 16. Amendment of provisions relating to employee share schemes. 17. Provisions relating to certain approved profit sharing schemes and employee share ownership trusts. 18. Amendment of Part 30 (occupational pension schemes, retirement annuities, purchased life annuities and cer- tain pensions) of Principal Act. 19. Amendment of section 470 (relief for insurance against expenses of illness) of Principal Act. 20. Relief for premiums under qualifying long-term care policies, etc. -
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. -
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). -
Length of Legislation Paper
LENGTH OF TAX LEGISLATION AS A MEASURE OF COMPLEXITY In his seminal Hardman lecture, Adam Broke pointed to the length of tax legislation, the language used, the drafting style and the diversity of taxes as all contributing to the complexity of the UK tax code1. To this list could also be added political pressures and policy initiatives, both of which impact on tax legislation. In addition to our specific reviews, the Office of Tax Simplification (“OTS”) is analysing the underlying problem of complexity in the tax system. This paper focuses on the length of legislation, although it must be recognised that all the contributing factors are interlinked to a certain extent. In 2009 it was reported that the UK tax code had exceeded that of India and, at 11,520 pages was the longest in the world2. Many of us remember when the Butterworths/Tolley’s Yellow Tax Handbook3 (or the equivalent CCH Green Book) was a much more manageable two (or even one!) volumes, instead of the five volumes that there are today. The increasing length of UK tax legislation is often cited as indicating that the tax system is becoming more complex. The aim of the work carried out by the OTS was to consider the extent to which length contributes to complexity. We also ascertained the actual length of the UK tax code and the increase in its length since the introduction of corporation tax in 1965. This paper is to look at the length of legislation in more detail than just by reference to the size of Tolley’s Yellow and Orange Tax Handbooks4 (the “Yellow Book” and the “Orange Book” respectively), although these have been considered in some detail.