Finance Bill 2020
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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. -
Overview of Tax Legislation and Rates 19 March 2014
Overview of Tax Legislation and Rates 19 March 2014 Official versions of this document are printed on 100% recycled paper. When you have finished with it please recycle it again. If using an electronic version of the document, please consider the environment and only print the pages which you need and recycle them when you have finished. Contents Introduction Chapter 1 – Finance Bill 2014 Chapter 2 – Future Tax Changes Annex A – Tax Information and Impact Notes (TIINs) Annex B – Rates and Allowances 1 Introduction This document sets out the detail of each tax policy measure announced at Budget 2014. It is intended for tax practitioners and others with an interest in tax policy changes, especially those who will be involved in consultations both on the policy and on draft legislation. The information is set out as follows: Chapter 1 provides detail on all tax measures to be legislated in Finance Bill 2014, or that will otherwise come into effect in 2014-15. This includes confirmation of previously announced policy changes and explains where changes, if any, have been made following consultation on the draft legislation. It also sets out new measures announced at Budget 2014. Chapter 2 provides details of proposed tax changes announced at Budget 2014 to be legislated in Finance Bill 2015, other future finance bills, programme bills or secondary legislation. Annex A includes all Tax Information and Impact Notes published at Budget 2014. Annex B provides tables of tax rates and allowances. Finance Bill 2014 will be published on 27 March 2014. 2 1 Finance Bill 2014 1.1 This chapter summarises tax changes to be legislated in Finance Bill 2014 or other legislation, including secondary legislation having effect in 2014-15. -
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. -
Explanatory Notes Finance Bill 2005
Explanatory Notes Finance Bill 2005 May 2005 © Crown copyright 2005 Published with the permission of HM Treasury on behalf of the Controller of Her Majesty’s Stationery Office. The text in this document (excluding the Royal Coat of Arms and departmental logos) may be reproduced free of charge in any format or medium providing that it is reproduced accurately and not used in a misleading context. The material must be acknowledged as Crown copyright and the title of the document specified. Any enquiries relating to the copyright in this document should be sent to: The Licensing Division HMSO St Clements House 2-16 Colegate Norwich NR3 1BQ Fax: 01603 723000 E-mail: [email protected] HM Treasury contacts This document can be accessed from the Treasury Internet site at: www.hm-treasury.gov.uk For further information on the Treasury and its work, contact: Correspondence and Enquiry Unit HM Treasury 1 Horse Guards Road London SW1A 2HQ Tel: 020 7270 4558 Fax: 020 7270 4861 E-mail: [email protected] HM REVENUE AND CUSTOMS FINANCE BILL 2005 RESOLUTION 2 CLAUSE 1 EXPLANATORY NOTE CLAUSE 1: GOODS SUBJECT TO WAREHOUSING REGIME: PLACE OF ACQUISITION OR SUPPLY SUMMARY 1. Clause 1 confers on HM Revenue and Customs power to make regulations prescribing circumstances in which the relief from VAT applying to supplies of goods within customs warehouses, contained in section 18(1) of the VAT Act 1994, shall not apply. DETAILS OF THE CLAUSE 2. Supplies of goods within UK customs warehouses are treated as taking place outside the UK for VAT purposes. -
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. -
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. -
LAND REGISTRATION for the TWENTY-FIRST CENTURY a Conveyancing Revolution
LAND REGISTRATION FOR THE TWENTY-FIRST CENTURY A Conveyancing Revolution LAND REGISTRATION BILL AND COMMENTARY Laid before Parliament by the Lord High Chancellor pursuant to section 3(2) of the Law Commissions Act 1965 Ordered by The House of Commons to be printed 9 July 2001 LAW COMMISSION H M LAND REGISTRY LAW COM NO 271 LONDON: The Stationery Office HC 114 The Law Commission was set up by section 1 of the Law Commissions Act 1965 for the purpose of promoting the reform of the law. THE COMMISSIONERS ARE: The Honourable Mr Justice Carnwath CVO, Chairman Professor Hugh Beale Mr Stuart Bridge· Professor Martin Partington Judge Alan Wilkie QC The Secretary of the Law Commission is Mr Michael Sayers Her Majesty’s Land Registry, a separate department of government and now an Executive Agency, maintains the land registers for England and Wales and is responsible for delivering all land registration services under the Land Registration Act 1925. The Chief Land Registrar and Chief Executive is Mr Peter Collis The Solicitor to H M Land Registry is Mr Christopher West The terms of this report were agreed on 31 May 2001. The text of this report is available on the Internet at: http://www.lawcom.gov.uk · Mr Stuart Bridge was appointed Law Commissioner with effect from 2 July 2001. The terms of this report were agreed on 31 May 2001, while Mr Charles Harpum was a Law Commissioner. ii LAW COMMISSION HM LAND REGISTRY LAND REGISTRATION FOR THE TWENTY- FIRST CENTURY A Conveyancing Revolution CONTENTS Paragraph Page PART I: THE LAND REGISTRATION BILL AND -
Number 30 of 2018 Finance Act 2018
Number 30 of 2018 Finance Act 2018 Number 30 of 2018 FINANCE ACT 2018 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 section 531AN of Principal Act (rate of charge) CHAPTER 3 Income Tax 3. Amendment of section 15 of Principal Act (rate of charge) 4. Amendment of section 472AB of Principal Act (earned income tax credit) 5. Amendment of section 466A of Principal Act (home carer tax credit) 6. Amendment of section 191 of Principal Act (taxation treatment of Hepatitis C compensation payments) 7. Exemption of certain childcare support payments 8. Certain benefits in kind: members of the Permanent Defence Force 9. Benefit in kind: relief relating to electric vehicles 10. Amendment of section 985A of Principal Act (application of section 985 to certain perquisites, etc.) 11. Amendment of section 128F of Principal Act (key employee engagement programme) 12. Retirement benefits 13. Amendment of section 126 of Principal Act (tax treatment of certain benefits payable under Social Welfare Acts) 14. Relief arising in special circumstances 15. Amendment of section 825C of Principal Act (special assignee relief programme) 1 [No. 30.] Finance Act 2018. [2018.] CHAPTER 4 Income Tax, Corporation Tax and Capital Gains Tax 16. Taxation of payments under Magdalen Restorative Justice Ex-Gratia Scheme 17. Amendment of section 285A of, and Schedule 4A to, Principal Act (acceleration of wear and tear allowances for certain energy-efficient equipment) 18. Acceleration of wear and tear allowances for gas vehicles and refuelling equipment 19.