10p Tax
The starting rate of income tax, known as the 10p rate (also referred to as 10p tax band), was a special rate of personal income taxation in the United Kingdom that existed from 1999 to 2008. Description The 10p rate was the lowest rate of income tax in the United Kingdom. It meant that certain incomes above the personal allowance would be taxed at a basic rate of 10%, which meant a reduced rate compared with the previous basic UK income tax rate of 23%. History Introduction The reduced tax rate for low incomes was introduced in Gordon Brown's third budget as Chancellor of the Exchequer The chancellor of the Exchequer, often abbreviated to chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and head of His Majesty's Treasury. As one of the four Great Offices of State, the Chancellor is .... Brown said of its introduction: "The 10p rate is very important because it's a signal about the importance we attach about getting people ...
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Taxation In The United Kingdom
Taxation in the United Kingdom may involve payments to at least three different levels of government: central government (HM Revenue & Customs), devolved governments and local government. Central government revenues come primarily from income tax, National Insurance contributions, value added tax, corporation tax and fuel duty. Local government revenues come primarily from grants from central government funds, business rates in England, Council Tax and increasingly from fees and charges such as those for on-street parking. In the fiscal year 2014–15, total government revenue was forecast to be £648 billion, or 37.7 per cent of GDP, with net taxes and National Insurance contributions standing at £606 billion. History A uniform Land tax, originally was introduced in England during the late 17th century, formed the main source of government revenue throughout the 18th century and the early 19th century.Stephen Dowell, ''History of Taxation and Taxes in England'' (Routledge ...
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