DOCSLIB.ORG

Local Government Finance Act 2012 an Lgiu Guide

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Local Government Finance Act 2012 an Lgiu Guide LOCAL GOVERNMENT FINANCE ACT 2012 AN LGIU GUIDE Contents • Introduction • How different is the new system? • Business rates retention • Tax increment financing • Enterprise Zones • Localised council tax support schemes • Council tax: empty homes • References and external links This guide to the Local Government Finance Act 2012 brings together and updates a series of LGiU briefings on the major provisions in the Act. These were written by LGiU associate, Mark Upton and published in December 2012 and January 2013. It also gives an update on the current position on council tax support schemes which was the subject of a briefing by Janet Sillett. Introduction The Local Government Finance Act 2012 completed all of its parliamentary stages in both houses and received Royal Assent on 31 October 2012. The legislation extends to England and Wales only; (with the exception of new powers for HMRC to supply information for council tax purposes which will also apply to Scotland and Northern Ireland). This guide is primarily concerned with the legislation as it applies in England. The guide is a ‘plain-English’ guide to the legislation and isn’t meant to be comprehensive in its detail. More detailed explanatory notes on the legislation are available. There is a list of official documents on the new regime at the end of the guide. The Government consulted on draft secondary legislation and The Local Government Finance Act (Consequential Amendments) draft Order 2013 was published on 4 February 2013, which will give effect to the retention of business rates scheme. This guide covers in detail the two most radical changes to the local government finance system – the changes to business rates and the localising of council tax support. It also briefly describes provisions in the Act relating to Tax Increment Financing, Enterprise Zones and on council tax and empty homes. How different is the new system? The 2012 Local Government Finance Act, and in particular the changes to business rates, is the centre piece of a shifting local government finance system. The provisional finance settlement announced on 19 December 2012 is the first under the new system where councils will retain part of their business rates from 1 April 2013. The business rates retention scheme is turning the local government finance system on its head. Rather than handing this income back to Whitehall for it, in part, to be returned, it becomes in practical effect the starting point of meeting local funding requirements, levied and topped-up by exception rather than by rule by Whitehall. The system will evolve from now. There will be opportunities for councils that can show growth but major challenges for others. The changes to central government funding for local services which focus on the new system for distributing business rates are the key to this evolution. Business rates retention The Government published its proposals for business rates retention in December 2011, alongside the introduction of legislation to give the reforms effect. In July 2012 it published atechnical consultation paper setting out its detailed implementation proposals. A subsequent policy statement published in November 2012 confirms key policy decisions following that consultation. This change of policy originally arose from phase one of the Local Government Resource Review which concluded in July 2011. The new business rates retention scheme applies only to England. Part 1 of Schedule 3 of the new Act amends Schedule 8 to the Local Government Finance Act 1988 to retain the current system of pooling and redistribution of non-domestic rates in Wales. Business rate income is very significant in the financing of local government, for instance, in 2011/12 it accounted for seventy six per cent of formula grant from central government. The new Act allows local authorities to retain a proportion of non-domestic rates (business rates). LGiU 2 Since 1990-91 business rates have been collected by billing authorities (single tier authorities and district councils) and paid into a national pool and then re-distributed to local authorities as part of their formula grant allocation. The Government’s rationale for the change is that the current local government finance system is over-centralised with local authorities being over dependent on central government for funding; and that it does not provide financial incentives for local authorities to work towards promoting local economic growth and may even provide a disincentive for doing so. The legislation does not change the way in which business rates is collected by billing authorities and set by central government where a business ratepayer’s bill is calculated by multiplying its rateable value (as determined by the Valuation Office Agency) with the national rate or multiplier determined by the Government each year. The rate revaluation process will also stay unchanged as will ‘rate relief’ for groups such as charities, amateur sports clubs, voluntary groups, those in hardship, and eligible rural or small businesses. The Government has announced its intention to postpone the next business rate revaluation in England to 2017. Primary legislation will be taken forward through the Growth and Infrastructure Bill which has been laid before Parliament. The last evaluation took place in 2008. The business rate retention scheme will start from 1 April 2013; the Government intends to make the necessary secondary legislation early in 2013 subject to parliamentary approval. Overview of the new system • Instead of business rate income collected by billing authorities being returned to the Treasury, local authorities will now get to retain a proportion of their business rates generated in their area. • At the beginning of the scheme the Government will calculate a ‘baseline funding level’ for every local authority ensuring that there is a stable starting point for all local authorities. • Local government will be able to keep fifty per cent of locally collected business rates (‘local share’) with the other fifty per cent being paid to central government (‘central share’). • Should a local authority receive more in business rates than its ‘baseline funding level’ it will pay government a ‘tariff’, which will be used entirely to ‘top up’ local authorities who receive less than their funding level, funded through the ‘central share’ of business rates. • In addition to retaining their ‘local share’ of their business rates baseline, overall local authorities will also keep at least fifty per cent of their business rates growth. • But where local authorities gain a “disproportionate” increase in their business rates income the government will take some of their business rates growth as a ‘levy’ to fund ‘safety net payments’ for those local authorities whose income from business rates income falls disproportionately. • Where local authorities are charged a levy, even after the government’s fifty per cent central share, at least twenty five pence in each extra pound of business rates generated locally, will be retained locally. Eleven key components of the new system 1. All local government bodies, with the exception of local police bodies will be part of the scheme: • All billing authorities and major precepting authorities (county councils, fire and rescue LGiU 3 authorities and the Greater London Authority) will be included in the system. • Police and Crime Commissioners and other local policing bodies will not funded through the business rates retention scheme but will continue to be funded through a central government grant. 2. The starting point for the scheme will be a funding assessment for each local authority, which will become its baseline funding level for the scheme: • These funding assessments will provide the basis for redistributing business rates income between those authorities who collect more business rates than they need and those who collect too little. • The starting point for the calculation of the baseline funding level for each local authority will be largely based on 2012-13 formula grant methodology. • Some adjustments will be made including the transfer of funding for central education services, changes to the needs formula for concessionary travel and the adding in of funding for special grants that are being rolled in for 2013-14. • The formula will also be dampened at a service level to provide protection against excessive volitality. • The baseline funding level will be funded through a mix of Revenue Support Grant and funding and the ‘local share’ of business rates. 3. The local government spending control totals are used to establish the start-up funding assessment for local authorities. • Calculation of the aggregate start-up funding assessment will be based on the controls totals set out in the 2010 Spending Review and amended by the 2011 and 2012 Autumn Statements. • A number of adjustments are made to these control totals and therefore the aggregated start- up funding assessment for 2013-14. This includes a number of top-slices including for the New Homes Bonus, specific grants being transferred in (e.g. children services’ early intervention grant) and grants moving out of the control totals (e.g. central education services within Local Authority Central Spend Equivalent Grant). • The estimated business rate aggregate includes two downward adjustments to help local authorities manage volatility owing to losses on appeals. • The estimated aggregated totals for business rates will be adjusted to reflect historic differences between forecast
Load more

Recommended publications
  • Act No. 57 of 2012
    SPECIAL ISSUE Kenya Gazette Supplement No. 221 (Acts No. 57) REPUBLIC OF KENYA KENYA GAZETTE SUPPLEMENT ACTS, 2012 NAIROBI, 9th January, 2013 CONTENT Act — PAGE The Finance Act, 2012 2263 NATIONAL COUNCIL T OR LAW REPORTING RECEIVED 0 6 FEB ,7.013 P, C.), 9o< I - CH:100 NA 4 R031, KEN sr"A T t 2719231 FAX: 2712694 PRINTED AND PUBLISHED BY THE GOVERNMENT PRINTER, NAIROBI 2263 THE FINANCE ACT, 2012 No. 57 of 2012 Date of Assent: 7th Jalillaly, 2013 Date of Commencement: See Section / 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- PART I-PRELIMINARY 1. This Act may be cited as the Finance Act, 2012, and Short title and shall come into operation, or be deemed to have come into commencement. operation, as follows- (a) sections 2, 6, 8, 16(b)(ii), 17(a)(iii), 23(a), 23(c), and 25(a)(i) on the 15th June, 2012; (b) sections 9(a), 9(b), 10(a), 10(b), 11 and 12, on the 1st July, 2012; (c) sections 4, 5, 7, 19, 20, 21, 23, 24, 28, 29, 31 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 53, 54, 55, 56, 57 and 58, on the 1st January, 2013; (d) section 18 on 1st July, 2013; '(e) sections 26 and 27, upon the final announcement of all the results of the first general elections for Parliament under the Constitution of Kenya, 2010; (f) all other sections, on publication.
    [Show full text]
  • ———————— 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.
    [Show full text]
  • Queen's Or Prince's Consent
    QUEEN’S OR PRINCE’S CONSENT This pamphlet is intended for members of the Office of the Parliamentary Counsel. Unless otherwise stated: • references to Erskine May are to the 24th edition (2011), • references to the Companion to the Standing Orders are to the Companion to the Standing Orders and Guide to Proceedings of the House of Lords (25th edition, 2017), • references to the Cabinet Office Guide to Making Legislation are to the version of July 2017. Office of the Parliamentary Counsel September 2018 CONTENTS CHAPTER 1 INTRODUCTION CHAPTER 2 QUEEN’S CONSENT Introduction. 2 The prerogative. 2 Hereditary revenues, the Duchies and personal property and interests . 4 Exceptions and examples . 6 CHAPTER 3 PRINCE’S CONSENT Introduction. 7 The Duchy of Cornwall . 7 The Prince and Steward of Scotland . 8 Prince’s consent in other circumstances . 8 Exceptions and examples . 8 CHAPTER 4 GENERAL EXCEPTIONS The remoteness/de minimis tests . 10 Original consent sufficient for later provisions . 10 No adverse effect on the Crown. 11 CHAPTER 5 THE SIGNIFICATION OF CONSENT Signification following amendments to a bill. 13 Re-signification for identical bill . 14 The manner of signification . 14 The form of signification . 15 CHAPTER 6 PRACTICAL STEPS Obtaining consent. 17 Informing the Whips . 17 Writing to the House authorities . 17 Private Members’ Bills. 17 Informing the Palace of further developments . 18 Other. 18 CHAPTER 7 MISCELLANEOUS Draft bills . 19 Consent not obtained . 19 Inadvertent failure to signify consent . 19 Consent in the absence of the Queen. 20 Consent before introduction of a bill . 20 Queen’s speech . 20 Royal Assent .
    [Show full text]
  • Finance Act, 2020
    jftLVªh lañ Mhñ ,yñ—(,u)04@0007@2003—20 REGISTERED NO. DL—(N)04/0007/2003—20 सी.जी.-डी.एल.-अ.-27032020-218938xxxGIDHxxx CG-DL-E-27032020-218938xxxGIDExxx vlk/kkj.k EXTRAORDINARY Hkkx II — [k.M 1 PART II — Section 1 izkf/kdkj ls izdkf'kr PUBLISHED BY AUTHORITY lañ 20] ubZ fnYyh] 'kqØokj] ekpZ 27] 2020@pS= 7] 1942 ¼'kd½ No. 20] NEW DELHI, FRIDAY, MARCH 27, 2020/CHAITRA 7, 1942 (SAKA) bl Hkkx esa fHkUu i`"B la[;k nh tkrh gS ftlls fd ;g vyx ladyu ds :i esa j[kk tk ldsA Separate paging is given to this Part in order that it may be filed as a separate compilation. MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 27th March, 2020/Chaitra 7, 1942 (Saka) The following Act of Parliament received the assent of the President on the 27th March, 2020, and is hereby published for general information:— THE FINANCE ACT, 2020 NO. 12 OF 2020 [27th March, 2020.] An Act to give effect to the financial proposals of the Central Government for the financial year 2020-2021. BE it enacted by Parliament in the Seventy-first Year of the Republic of India as follows:— CHAPTER I PRELIMINARY 1. (1) This Act may be called the Finance Act, 2020. Short title and commencement. (2) Save as otherwise provided in this Act,— (a) sections 2 to 104 shall come into force on the 1st day of April, 2020; (b) sections 116 to 129 and section 132 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.
    [Show full text]
  • Finance Bill 2012 Explanatory Notes Introduction
    FINANCE BILL 2012 EXPLANATORY NOTES INTRODUCTION EXPLANATORY NOTES INTRODUCTION 1. These explanatory notes relate to Finance Bill 2012 as introduced into Parliament on 29 March 2012. 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 BILL 2012 RESOLUTION 2 CLAUSE 1 EXPLANATORY NOTE CLAUSE 1: CHARGE FOR 2012-13 AND RATES FOR 2012-13 AND SUBSEQUENT TAX YEARS SUMMARY 1. Clause 1 provides for income tax for the 2012-13 tax year and sets the main rates of income tax for 2012-13 and 2013-14. The clause also makes changes consequent to an additional rate of 45 per cent for 2013-14. DETAILS OF THE CLAUSE 2. Subsection 1 provides for income tax for 2012-13 and sets the main rates of income tax. 3. Subsection 2 sets the main rates of income tax for 2013-14. 4. Subsection 3 reduces the dividend additional rate to 37.5 per cent; the trust rate to 45 per cent; the dividend trust rate to 37.5 per cent. 5. Subsection 4 reduces the charge on relevant benefits provided under employer-financed retirement benefits schemes, in section 394 (Employer-financed Retirement Benefit Schemes) of Income Tax (Earnings and Pensions) Act 2003 (ITEPA), from 50 per cent to 45 per cent when section 394(2) ITEPA applies because the person receiving the benefits is not an individual.
    [Show full text]
  • Originally Shown in the Statement
    Finance Act 2012 CHAPTER 14 Finance Act 2012 CHAPTER 14 CONTENTS PART 1 INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX CHAPTER 1 INCOME TAX AND CORPORATION TAX CHARGES AND RATE BANDS Income tax 1 Charge for 2012-13 and rates for 2012-13 and subsequent tax years 2 Basic rate limit for 2012-13 3 Personal allowance for 2012-13 for those aged under 65 4 Personal allowances from 2013 Corporation tax 5 Main rate of corporation tax for financial year 2012 6 Charge and main rate for financial year 2013 7 Small profits rate and fractions for financial year 2012 CHAPTER 2 INCOME TAX: GENERAL Child benefit 8 High income child benefit charge Anti-avoidance 9 Post-cessation trade or property relief: tax-generated payments or events ii Finance Act 2012 (c. 14) 10 Property loss relief against general income: tax-generated agricultural expenses 11 Gains from contracts for life insurance etc 12 Settlements: income originating from settlors other than individuals Reliefs 13 Champions League final 2013 14 Cars: security features not to be regarded as accessories 15 Termination payments to MPs ceasing to hold office 16 Employment income exemptions: armed forces Other provisions 17 Taxable benefits: “the appropriate percentage” for cars for 2014-15 18 Qualifying time deposits CHAPTER 3 CORPORATION TAX: GENERAL Support for business 19 Profits arising from the exploitation of patents etc 20 Relief for expenditure on R&D 21 Real estate investment trusts Anti-avoidance 22 Treatment of the receipt of manufactured overseas dividends 23 Loan relationships: debts
    [Show full text]
  • Adit Syllabus Guide
    SYLLABUS 2021 CONTENTS INTRODUCTION ............................................................................................ 3 SYLLABUS GUIDE ......................................................................................... 4 MODULE 1 - PRINCIPLES OF INTERNATIONAL TAXATION ............................ 6 RECOMMENDED READING LIST ........................................................... 10 MODULE 2.01 - AUSTRALIA OPTION .......................................................... 13 RECOMMENDED READING LIST ........................................................... 15 MODULE 2.02 - CHINA OPTION .................................................................. 16 RECOMMENDED READING LIST ........................................................... 17 MODULE 2.03 - CYPRUS OPTION ............................................................... 18 RECOMMENDED READING LIST ........................................................... 22 MODULE 2.04 - HONG KONG OPTION ......................................................... 25 RECOMMENDED READING LIST ........................................................... 27 MODULE 2.05 - INDIA OPTION ................................................................... 28 RECOMMENDED READING LIST ........................................................... 30 MODULE 2.06 - IRELAND OPTION .............................................................. 32 RECOMMENDED READING LIST ........................................................... 34 MODULE 2.07 - MALTA OPTION .................................................................
    [Show full text]
  • Tolley's Tax Digest
    Tolley’s Tax Digest Topical Corporation Tax Issues for Large Companies Eloise Brown CTA ATT Practical, expert guidance including: Issue 125 | March 2013 • an overview of relevant draft legislation in Finance Bill 2013; • an overview of corporate tax reform measures and update on changes since introduction; • financing update including worldwide debt cap and changes to the 'deemed release' rules; • key international changes including an overview of FATCA; • and much more. Tolley’s Tax Digest To subscribe call 0845 370 1234 www.tax-digest.co.uk Tolley’sTolley’s TaxTax DigestDigest || IssueIssue 125125 || March March 2013 2013 TopicalTopical Corporation Corporation Tax Tax Issues Issues forfor LargeLarge CompaniesCompanies Contents Author Introduction 1 Eloise Brown CTA ATT Draft clauses for Finance Bill 2013 2 Eloise has many years' experience of advising a wide range Corporation tax rate 2.1 of clients, from standalone family owned companies to Annual Investment Allowance 2.2 fully listed groups, on their corporate tax affairs. She has worked on a wide range of transactions for corporate and Research and development 'Above the line' private equity clients on both buy and sell side and advised tax relief 2.3 on a variety of restructuring projects. She is a member of Controlled foreign companies 2.4 the Association of Taxation Technicians, a Chartered Tax Foreign currency assets and corporate Adviser and a member of the CIOT professional Standards chargeable gains 2.5 Committee. She has previously been a contributor to Tax Income tax withheld at source on interest Journal, Taxwise and led the development of content for payments 2.6 the initial launch of the Owner-managed Business and Corporate tax modules of TolleyGuidance.
    [Show full text]
  • Government Response to the Communities and Local Government Select Committee Report: Devolution for England - the Case for Local Government
    Government response to the Communities and Local Government Select Committee Report: Devolution for England - the case for local government Presented to Parliament by the Secretary of State for Communities and Local Government by Command of Her Majesty February 2015 Cm 8998 Government response to the Communities and Local Government Select Committee Report: Devolution for England - the case for local government Presented to Parliament by the Secretary of State for Communities and Local Government by Command of Her Majesty February 2015 Cm 8998 © 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 9781474115797 Web ISBN 9781474115803 Printed in the UK by the Williams Lea Group on behalf of the Controller of Her Majesty’s Stationery Office ID 24021501 02/15 Printed on paper containing 75% recycled fibre content minimum Government response to the Communities and Local Government Select Committee Report: Devolution for England: the case for local government Introduction The Communities and Local Government Select Committee conducted an inquiry into whether and how fiscal and financial powers could be devolved to London and English cities, and to local authorities more widely.
    [Show full text]
  • Memo-1 (Eng).Pmd
    FINANCE BILL, 2012 PROVISIONS RELATING TO DIRECT TAXES Introduction The provisions of the Finance Bill, 2012 relating to direct taxes seek to amend the Income-tax Act, inter alia, in order to provide for- A. Tax rates B. Widening of tax base C. Measures to prevent generation and circulation of unaccounted money D. Tax incentives and reliefs E. Rationalization of Tax Deduction at Source (TDS) provisions F. Rationalization of international taxation provisions G. Rationalization of transfer pricing provisions H. General Anti-Avoidance Rule I. Other clarifications 2. The Finance Bill, 2012 seeks to prescribe the rates of income-tax on income liable to tax for the assessment year 2012-13; the rates at which tax will be deductible at source during the financial year 2012-13 from interest (including interest on securities), winnings from lotteries or crossword puzzles, winnings from horse races, card games and other categories of income liable to deduction or collection of tax at source under the Income-tax Act; rates for computation of “advance tax”, deduction of income-tax from, or payment of tax on, ‘Salaries’ and charging of income-tax on current incomes in certain cases for the financial year 2012-13. 3. The substance of the main provisions of the Bill relating to direct taxes is explained in the following paragraphs. A. RATES OF INCOME-TAX I. Rates of income-tax in respect of income liable to tax for the assessment year 2012-13. In respect of income of all categories of assessees liable to tax for the assessment year 2012-13, the rates of income-tax have been specified in Part I of the First Schedule to the Bill.
    [Show full text]
  • Finance Act 2018
    jftLVªh lañ Mhñ ,yñ—(,u)04@0007@2003—18 REGISTERED NO. DL—(N)04/0007/2003—18 vlk/kkj.k EXTRAORDINARY Hkkx II — [k.M 1 PART II — Section 1 izkf/kdkj ls izdkf'kr PUBLISHED BY AUTHORITY lañ 17] ubZ fnYyh] c`gLifrokj] ekpZ 29] 2018@pS= 8] 1940 ¼'kd½ No. 17] NEW DELHI, THURSDAY, MARCH 29, 2018/CHAITRA 8, 1940 (SAKA) bl Hkkx esa fHkUu i`"B la[;k nh tkrh gS ftlls fd ;g vyx ladyu ds :i esa j[kk tk ldsA Separate paging is given to this Part in order that it may be filed as a separate compilation. MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 29th March, 2018/Chaitra 8, 1940 (Saka) The following Act of Parliament received the assent of the President on the 29th March, 2018, and is hereby published for general information:— THE FINANCE ACT, 2018 NO. 13 OF 2018 [28th March, 2018.] An Act to give effect to the financial proposals of the Central Government for the financial year 2018-2019. BE it enacted by Parliament in the Sixty-ninth Year of the Republic of India as follows:— CHAPTER I PRELIMINARY 1. (1) This Act may be called the Finance Act, 2018. Short title and (2) Save as otherwise provided in this Act, sections 2 to 55 shall come into force on commencement. the 1st day of April, 2018. CHAPTER II RATES OF INCOME-TAX 2. (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year Income-tax. commencing on the 1st day of April, 2018, income-tax shall be charged at the rates specified 2 THE GAZETTE OF INDIA EXTRAORDINARY [PART II— in Part I of the First Schedule and such tax shall be increased by a surcharge, for the purposes of the Union, calculated in each case in the manner provided therein.
    [Show full text]
  • The Budget and the Annual Finance Bill
    By Antony Seely 8 September 2021 The Budget and the annual Finance Bill Summary 1 The Budget 2 The Finance Bill 3 Budgets and General Elections 4 Carrying-over the Finance Bill between Sessions 5 Recent developments 6 Selected further reading commonslibrary.parliament.uk Number 813 The Budget and the annual Finance Bill Image Credits Gladstone’s red box by The National Archives UK. Image cropped. No known copyright restrictions. Disclaimer The Commons Library does not intend the information in our research publications and briefings to address the specific circumstances of any particular individual. We have published it to support the work of MPs. You should not rely upon it as legal or professional advice, or as a substitute for it. We do not accept any liability whatsoever for any errors, omissions or misstatements contained herein. You should consult a suitably qualified professional if you require specific advice or information. Read our briefing ‘Legal help: where to go and how to pay’ for further information about sources of legal advice and help. This information is provided subject to the conditions of the Open Parliament Licence. Feedback Every effort is made to ensure that the information contained in these publicly available briefings is correct at the time of publication. Readers should be aware however that briefings are not necessarily updated to reflect subsequent changes. If you have any comments on our briefings please email [email protected]. Please note that authors are not always able to engage in discussions with members of the public who express opinions about the content of our research, although we will carefully consider and correct any factual errors.
    [Show full text]