DOCSLIB.ORG

Inventory of Taxes in the EU

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Inventory of Taxes in the EU Inventory of Taxes in the EU Produced by the European Commission Directorate-general Taxation & Customs Union (Information: mailto: [email protected]) UNITED KINGDOM Situation 1/8/2001 The data in the Inventory has been provided by the Tax administration of the Member States Table of contents UK 1.1. Income tax........................................................................................................................3 UK 1.2. Income tax — employment income..................................................................................5 UK 1.3. Corporation tax................................................................................................................6 UK 1.4. Petroleum revenue tax (PRT) ..........................................................................................8 UK 1.5. Taxes on capital gains....................................................................................................10 UK 1.6. Vehicle excise duty (VED) .............................................................................................12 UK 2.1. Inheritance tax...............................................................................................................14 UK 3.1.1. Value-added tax .............................................................................................................16 UK 3.1.2. Excise duty on hydrocarbon oil .....................................................................................18 UK 3.1.3. Excise duty on tobacco products....................................................................................20 UK 3.1.4. Excise duty on spirits .....................................................................................................21 UK 3.1.5. Excise duty on wines and made-wines...........................................................................22 UK 3.1.6. Excise duty on cider and perry......................................................................................24 UK 3.1.7. Excise duty on beer ........................................................................................................25 UK 3.2.1. General and pool betting duties.....................................................................................26 UK 3.2.2. Bingo duty ......................................................................................................................27 UK 3.2.3. Gaming duty...................................................................................................................28 UK 3.2.4. Air passenger duty.........................................................................................................30 UK 3.2.5. Lottery Duty...................................................................................................................32 UK 3.2.6. Insurance premium tax (IPT) ........................................................................................33 UK 3.3.1. Business rates — Scotland.............................................................................................34 UK 3.3.2. Rates — Northern Ireland.............................................................................................35 UK 3.3.3. Business rates — England .............................................................................................36 UK 3.3.4. Business rates — Wales .................................................................................................37 UK 3.3.5. Stamp duty reserve tax ..................................................................................................38 UK 3.3.6. Amusement machine licence duty..................................................................................39 UK 3.3.7. Stamp duty .....................................................................................................................40 UK 3.3.8. Council tax —Great Britain ..........................................................................................41 UK 3.3.9. Landfill tax.....................................................................................................................43 UK ????. Climate Change Levy (CCL).........................................................................................44 2 UK 1.1. Income tax Legal base Income and Corporation Taxes Act 1988, as amended by subsequent finance acts. Beneficiary The central government. Tax payable by Persons resident or ordinarily resident in the United Kingdom and persons to whom income arises in the United Kingdom. Basis of assessment Total income from all sources less allowable deductions. Certain losses and necessary work expenses may be offset against income, and allowances are granted for expenditure on certain capital equipment. From 6 April 1996, under a system of self assessment, the taxpayer files a return of total income and capital gains and pays tax by reference to a fixed set of dates. The trading income of the self employed is taxed along with their personal income under the UK's normal personal tax regime. Expenses incurred wholly and exclusively for the purposes of earning the trading income are deductible in arriving at taxable trading profits. Those profits are then added to their other taxable income, and they are allowed to deduct the normal personal allowances. Exemptions Among others, certain social security benefits, armed forces wound and disability pensions, war widows' pensions, income from educational scholarships in the hands of the recipient. Interest and dividends from investment in individual savings accounts, personal equity plans and tax-exempt special savings accounts, interest on National Savings Certificates, the first GBP 70 interest on ordinary accounts with the National Savings Bank and gambling winnings. Charitable bodies are also generally exempt. Deductions Personal tax allowance for all individuals. Also allowance for families with children on low to middle incomes. Additional allowances, mainly for married couples over 65 where one member was born before 6th April 1935 and registered blind people. Relief for subscriptions for shares under the Enterprise Investment Scheme. Also for premiums on insurance to provide a retirement annuity, contributions to approved pension schemes and private medical insurance schemes and vocational training. Some of these allowances and reliefs are restricted to giving relief at a specific rate. Non-residents Non-residents are subject to tax on income arising in the United Kingdom, with certain exceptions. There are special provisions regarding deductions for personal allowances for non-resident individuals. Collection Tax is assessed annually. In the case of income from employment and occupational pensions, tax is deducted at source by the employer (see "Income tax — employment income"). Tax is deducted at source from some income from abroad paid through an agent in the United Kingdom, and from certain annual payments including bank and building society interest. The tax year is from 6 April to the following 5 April, and total income is computed on a current year basis, but business profits of an accounting year are treated as being those of the tax year. Responsibility for providing full details to establish the tax liability for the year rests with the taxpayer. This includes all sources of income, less allowable deductions, and capital gains. So that there will be a single tax bill for the year. Taxpayers who are within the recently introduced system of self assessment can either carry out the calculation of liability and 3 submit the return by 31 January following the year of assessment; or submit the return by 30 September and ask the Inland Revenue to do the calculation. Rate - Starting rate: 10 % (on first GBP 1,880 of taxable income). - Basic rate: 22 % (on taxable income between GBP 1,881 and GBP 29,400). - Higher rate: 40 % (on taxable income over GBP 29,400). The rates of tax on savings income are 20 % for income above the starting rate limit (GBP 1,880) and up to the basic rate limit (GBP 29,400) and 40 % above that limit. The rates of tax applicable on dividends are 10 % for income up to the basic rate limit (GBP 29,400) and 32.5 % above it. Special features Up to 1996/97 inclusive, for most long-established partnerships, tax on partnership profits is assessed on the partnership, but the liability takes account of the shares and personal circumstances of the individual partners. From 1997/98 for all partnerships the partnership will make a return to allocate the partnership income between the partners, and the individual partners will include those figures in their personal returns. A partnership for this purpose includes a general partnership, a limited partnership and a limited liability partnership. 4 UK 1.2. Income tax — employment income Legal base Income and Corporation Taxes Act 1988, Part V. Beneficiary The central government. Tax payable by Individuals, who are resident and ordinarily resident in the United Kingdom, are liable to tax on the whole of their earnings wherever they arise. This includes earnings for employment carried out in the United Kingdom as well as abroad. A special deduction is available to seafarers in certain circumstances when employment is carried out wholly or partly abroad. (Individuals who are resident but not ordinarily resident in the United Kingdom are liable to tax on earnings for employment carried out outside the United Kingdom only to the extent that these earnings are remitted to the UK.) Individuals who are not resident
Load more

Recommended publications
  • 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.
    [Show full text]
  • Overview of Tax Legislation and Rates 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.
    [Show full text]
  • Making Sense of the Budget* the Chancellor’S Budget 2009
    Making sense of the Budget* The Chancellor’s Budget 2009 22 April 2009 This is an analysis of the UK Chancellor of the Exchequer’s main proposals as outlined in his Budget Report to Parliament on 22 April 2009 and in press releases and other documents published by the Government. Legislative proposals are subject to detailed legislation in Finance Bills which may be altered during their passage through Parliament. You should neither act nor refrain from acting on the basis of this analysis without first obtaining appropriate professional advice. For more PricewaterhouseCoopers LLP Budget Report 2009 materials visit www.budgetpwc.com or the PwC Client Portal which is accessible from the registration/login box at www.pwc.co.uk *connectedthinking PricewaterhouseCoopers LLP UK Budget Report analysis – 22 April 2009 2 Contents Page Economic analysis.................................................................................................... 5 Economic analysis................................................................................................................5 Business taxation ..................................................................................................... 8 Corporation tax rates unchanged.........................................................................................8 Taxation of foreign profits.....................................................................................................8 Temporary first year allowances on plant or machinery ....................................................11
    [Show full text]
  • Country and Regional Public Sector Finances: Methodology Guide
    Country and regional public sector finances: methodology guide A guide to the methodologies used to produce the experimental country and regional public sector finances statistics. Contact: Release date: Next release: Oliver Mann 21 May 2021 To be announced [email protected]. uk +44 (0)1633 456599 Table of contents 1. Introduction 2. Experimental Statistics 3. Public sector and public sector finances statistics 4. Devolution 5. Country and regional public sector finances apportionment methods 6. Income Tax 7. National Insurance Contributions 8. Corporation Tax (onshore) 9. Corporation Tax (offshore) and Petroleum Revenue Tax 10. Value Added Tax 11. Capital Gains Tax 12. Fuel Duties 13. Stamp Tax on shares 14. Tobacco Duties 15. Beer Duties 16. Cider Duties 17. Wine Duties Page 1 of 41 18. Spirits Duty 19. Vehicle Excise Duty 20. Air Passenger Duty 21. Insurance Premium Tax 22. Climate Change Levy 23. Environmental levies 24. Betting and gaming duties 25. Landfill Tax, Scottish Landfill Tax and Landfill Disposals Tax 26. Aggregates Levy 27. Bank Levy 28. Stamp Duty Land Tax, Land and Buildings Transaction Tax, and Land Transaction Tax 29. Inheritance Tax 30. Council Tax and Northern Ireland District Domestic Rates 31. Non-domestic Rates and Northern Ireland Regional Domestic Rates 32. Gross operating surplus 33. Interest and dividends 34. Rent and other current transfers 35. Other taxes 36. Expenditure methodology 37. Annex A : Main terms Page 2 of 41 1 . Introduction Statistics on public finances, such as public sector revenue, expenditure and debt, are used by the government, media and wider user community to monitor progress against fiscal targets.
    [Show full text]
  • Bingo Taxation
    Bingo taxation Standard Note: SN2151 Last updated: 20 June 2014 Author: Antony Seely Section Business & Transport Section There are around 400 bingo clubs across the country.1 In 2012/13 £1.28 billion was staked in clubs, and the tax on this form of gambling – bingo duty – raised £75 million.2 Prior to a major reform in October 2003, bingo duty was charged on the total weekly stake money paid to bingo promoters by players as payment for their cards, plus ‘added prize money’ (the amount – if any – by which the total value of prizes won in the same week’s bingo exceeded the weekly stake money, less duty). The tax was set at 10% of stake money plus 1/9th of added prize money,3 and raised £122 million in 2002/03.4 Concerns about the growth of online gambling services supplied by companies based outside the UK led to reforms being made to taxes on other forms of gambling – to general betting duty in October 2001, and to pools betting duty in April 2002. In the 2003 Budget the then Chancellor Gordon Brown announced that the levy on bingo stakes would be replaced with a gross profits tax on bingo companies; the new tax would be introduced from 4 August 2003 at a rate of 15%.5 Following representation from the industry, the launch was delayed until 27 October 2003.6 At the time it was estimated that this reform would cost £25 million in its first full year. Industry concerns about the way the new tax would interact with VAT resulted in the legislation being amended during its passage through Parliament, adding £10 million to the projected cost of reform.7 Subsequently the bingo sector experienced considerable financial difficulties, and the industry lobbied to have VAT exempted from the participation fees bingo clubs charged players, arguing that this was equivalent to double taxation.
    [Show full text]
  • Bill 120 06-07
    Finance Bill [AS AMENDED IN THE COMMITTEE AND IN PUBLIC BILL COMMITTEE] CONTENTS PART 1 CHARGES, RATES, THRESHOLDS ETC Income tax 1 Charge and rates for 2007-08 Corporation tax 2 Charge and main rates for financial year 2008 3 Small companies’ rates and fractions for financial year 2007 Inheritance tax 4 Rates and rate bands for 2010-11 Alcohol and tobacco 5 Rates of duty on alcoholic liquor 6 Rates of tobacco products duty Gambling 7 Rates of gaming duty 8 Remote gaming duty 9 Amusement machine licence duty Environment 10 Fuel duty rates and rebates 11 Rates of vehicle excise duty 12 Rates of air passenger duty 13 Rates of climate change levy 14 Rate of aggregates levy 15 Rates of landfill tax 16 Emissions trading: charges for allocations Bill 120 54/2 ii Finance Bill PART 2 ENVIRONMENT Energy-saving: houses 17 Corporation tax deduction for expenditure on energy-saving items 18 Extension of income tax deduction for expenditure on energy-saving items 19 SDLT relief for new zero-carbon homes Domestic microgeneration 20 Income tax exemption for domestic microgeneration 21 Renewables obligation certificates for domestic microgeneration Other measures 22 Aggregates levy: exemption for aggregate removed from railways etc 23 Climate change levy: reduced-rate supplies etc 24 Landfill tax: bodies concerned with the environment PART 3 INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX Anti-avoidance 25 Managed service companies 26 Restrictions on trade loss relief for partners 27 Extension of restrictions on allowable capital losses 28 Life policies
    [Show full text]
  • Taxation of Gaming Machines: Consultation on a Gross Profits Tax
    Taxation of gaming machines: consultation on a gross profits tax July 2009 Taxation of gaming machines: consultation on a gross profits tax July 2009 Official versions of this document are printed 100% 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. © Crown copyright 2009 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. Where we have identified any third party copyright material you will need to obtain permission from the copyright holders concerned. For any other use of this material please write to Office of Public Sector Information, Information Policy Team, Kew, Richmond, Surrey TW9 4DU or e-mail: licensing@opsi. gov.uk ISBN 978-1-84532-557-2 PU791 Subject of this The modernisation of gaming machines taxation, and whether to move consultation towards a gross profits tax for gaming machines. Scope of this consultation This consultation concerns the taxation of gaming machines, as defined by the VAT Act 1994 and the Betting and Gaming Duties Act 1981. Impact Assessment A consultation stage Impact Assessment is attached as Annex B Who should read this Operators, manufacturers and suppliers of gaming machines in the UK, trade bodies and all other stakeholders who have an interest in gaming machine taxation.
    [Show full text]
  • General Information About Compliance Checks Into Certain Large and Complex Businesses
    Compliance checks series – CC/FS1c General information about compliance checks into certain large and complex businesses This factsheet gives you general information about compliance checks into businesses that have been allocated a HMRC Customer Compliance Manager (CCM) because of their size or the complexity of their tax affairs. This factsheet contains important information. Please take the time to read it and keep it safe – you may need to refer to it during our check. This factsheet is one of a series. For the full list of the factsheets in the series, go to www.gov.uk and search for ‘Compliance checks factsheets’. How we work with these large and complex businesses The tax affairs of the largest and most complex businesses are looked after by the Large Business part of HMRC. Each is allocated a CCM who manages HMRC’s compliance activities and the relationship between the business and HMRC across all taxes and duties. Our CCMs work with these large business customers to identify, check and manage tax risk. Our approach aims to build a transparent and trusting relationship with these businesses. We want to ensure quicker resolution of issues and proportionate use of resources in addressing tax risks, to keep compliance costs down. To do this, we’ll: • be open and transparent in our interactions with you • expect that you’ll interact openly and transparently with us • work with you to explore tax risks that we, or you, identify • discuss those risks with you in the first instance, before considering the use of formal powers We may however need to use our formal powers or issue an assessment notice under certain circumstances.
    [Show full text]
  • Recognition Point for All Tax and Duty Heads
    RECOGNITION POINT FOR ALL TAX AND DUTY HEADS TAX OR DUTY BRIEF DETAILS RECOGNITION POINT HEAD Income Tax The two main components of personal income tax are PAYE (including PAYE paid by higher rate employees) and self assessed income tax (self employed and balance of higher rate employees). Student loan recoveries are also collected via PAYE. PAYE income tax (and income tax relating to higher paid employees Income tax collected at source is paid over otherwise covered by the self by employers to the Inland Revenue by the assessment system) collected, and 19th of the month following the month of amounts due to or from employers, collection from the employee for non for the tax year just ended will be electronic payments and 22nd of the month available in the October following the following the month of collection for end of the tax year – in time for the approved electronic payment methods. financial year with which the fiscal Final, annual returns are due to HMRC by year is (almost) coterminous. PAYE 19th May (22nd May for electronic income tax is accounted for on an payments), after which time employers will accruals basis. issue P60s to employees. HMRC carries out a reconciliation exercise in October and Self-assessed income tax (for those identifies any amounts due to or from the who pay by instalments) will be employer in respect of PAYE income tax for deemed to accrue evenly over the tax the year. year in which the relevant accounting period ends. The accrual will be based on the two payments on Details of the self assessed income tax for account (received in the January in the higher rate employee, and therefore the the tax year and the July following it), amount due to or from the taxpayer, will not with a statistical estimation of the be available until approximately one year balancing payment, net of after the tax year to which the tax return repayments, due in the January of the relates.
    [Show full text]
  • Parliamentary Debates (Hansard)
    Tuesday Volume 578 25 March 2014 No. 142 HOUSE OF COMMONS OFFICIAL REPORT PARLIAMENTARY DEBATES (HANSARD) Tuesday 25 March 2014 £5·00 © Parliamentary Copyright House of Commons 2014 This publication may be reproduced under the terms of the Open Parliament licence, which is published at www.parliament.uk/site-information/copyright/. 135 25 MARCH 2014 136 chair, to discuss its emerging strategic economic plan. House of Commons Through the Government’s decentralisation agenda, we are giving local leaders the tools and resources they Tuesday 25 March 2014 need to drive local growth. As my hon. Friend will know, in Fleetwood for example, we are supporting the The House met at half-past Eleven o’clock creation and safeguarding of over 400 jobs through investment in the seaside regeneration scheme. PRAYERS Eric Ollerenshaw: Fleetwood has a number of thriving fish processing businesses but needs modern buildings [MR SPEAKER in the Chair] and a complicated land swap to allow them to expand to get a form of northern Billingsgate. Given that we BUSINESS BEFORE QUESTIONS have limited capital resources, is there any chance of some kind of national competition for local authorities TRANSPORT FOR LONDON BILL [LORDS] (BY ORDER) to bring forward their most difficult regeneration schemes, Second Reading opposed and deferred until Tuesday 1 April which potentially could be the most rewarding if they (Standing Order No. 20). are unlocked? Greg Clark: My hon. Friend is absolutely right and the local growth deals proposed by Michael Heseltine Oral Answers to Questions afford precisely that opportunity. I know, having discussed the matter in Lancashire with Lancashire LEP, that it will have a keen eye on that particular proposal.
    [Show full text]
  • Taxation in the UK
    1 Taxation in the UK Stuart Adam, James Browne, and Christopher Heady∗ Stuart Adam is a Senior Research Economist at the IFS. His research focuses on the design of the tax and benefit system, and he has written about many aspects of UK tax and benefit policy, including income tax and National Insurance, capital gains tax, tax credits, incapacity benefit, work incentives and redistribution, support for families with children, and local government finance. James Browne is a Research Economist at the IFS. His research focuses on various aspects of the tax and benefit system. In particular, he has looked at the effect of various potential policy reforms on poverty rates among children and pensioners, the effects of welfare-to-work programmes, changes to the level of support for families with children over time, and the effect of tax and benefit changes on work incentives and the distribution of income. Christopher Heady is Head of the Tax Policy and Statistics Division at the OECD. He has published widely on the economics of public policy, including tax policy issues in both developed and developing countries. He was previously Assistant Professor at Yale, Lecturer then Reader at UCL, and Professor of Applied Economics at the University of Bath. His books include Poverty and Social Exclusion in Europe, Fiscal Management and Economic Reform in the People’s Republic of China,andTax Policy: Theory and Practice in OECD Countries. ∗ This chapter draws heavily on the IFS’s Survey of the UK Tax System <http://www.ifs.org.uk/ bns/bn09.pdf>, which is updated annually and was itself originally based on the UK chapter by A.
    [Show full text]
  • VAT Voice – January/February 2009
    VVAATT VVooiiccee© The bi-monthly newsletter of VAT Solutions (UK) Limited January/February 2009 WILL THE RECENT REDUCTION IN THE STANDARD RATE OF VAT ACTUALLY MAKE ANY DIFFERENCE? Inside this issue … As we all know, the Chancellor announced in the Pre-Budget Report on 1. Latest VAT news 24 November 2009 that the UK standard-rate of VAT would reduce from 2. In focus 17.5% to 15% for the period 1 December 2008 to 31 December 2009. 3. VAT cases Clearly, the aim of the reduction was to get consumers spending again by 4. VAT Tips bringing about lower prices, particularly in the retail sector. However, given that the reduction only reduces a £20.00 purchase to £19.58, there is considerable doubt as to whether the hoped for rise in spending will HMRC ISSUES NEW actually occur. Individuals may be expecting a greater impact on their INTEREST RATES household budgets than is likely to be the case, as many basic day- to- day purchases and essentials (i.e. most foods, domestic fuel and power, HMRC advised in News children’s clothes, insurance, mortgage and credit card interest) are not Release NAT 58/08 that, with subject to standard-rate VAT, and will be unaffected by the change. The effect from 6 December general consensus of experts seems to be that, in terms of benefit to the 2008, the rate of default public, the VAT reduction will be incidental, if not irrelevant. This was a interest charged on: view shared by many opposition MPs at the time, but interestingly, the • underdeclared VAT, air most critical comment appears to belong to Labour MP Frank Field, who passenger duty, described the measure as being akin to “spitting at a hurricane”! insurance premium tax, landfill tax, climate In the business world, the reduction will undoubtedly benefit those change levy, aggregates businesses which are unable to recover partially or fully the VAT that levy; they incur.
    [Show full text]