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Inland Revenue
The Inland Revenue was, until April 2005, a department of the British Government responsible for the collection of direct taxation, including income tax, national insurance contributions, capital gains tax, inheritance tax, corporation tax, petroleum revenue tax and stamp duty. More recently, the Inland Revenue also administered the Tax Credits schemes, whereby monies, such as Working Tax Credit (WTC) and Child Tax Credit (CTC), are paid by the Government into a recipient's bank account or as part of their wages. The Inland Revenue was also responsible for the payment of child benefit. The Inland Revenue was merged with HM Customs and Excise to form HM Revenue and Customs which came into existence on 18 April 2005. The former Inland Revenue thus became part of HM Revenue and Customs. The current name was promoted by the use of the expression "from Revenue and Customs" in a series of annual radio, and to a lesser extent, television public information broadcasts in the 2 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Non-ministerial Government Department
Non-ministerial government departments (NMGDs) are a type of department of the United Kingdom government that deal with matters for which direct political oversight has been judged unnecessary or inappropriate. They are headed by senior civil servants. Some fulfil a regulatory or inspection function, and their status is therefore intended to protect them from political interference. Some are headed by a permanent office holder, such as a Permanent Secretary or Second Permanent Secretary.Government Departments and Agencies , Government, Citizens and Rights, DirectGov. Overview The status of an NMGD varies considerably from one to another. For example:[...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stamp Duty
Stamp duty is a tax that is levied on single property purchases or documents (including, historically, the majority of legal documents such as cheques, receipts, military commissions, marriage licences and land transactions). A physical revenue stamp had to be attached to or impressed upon the document to show that stamp duty had been paid before the document was legally effective. More modern versions of the tax no longer require an actual stamp. The duty is thought to have originated in Venice in 1604, being introduced (or re-invented) in Spain in the 1610s, the Spanish Netherlands in the 1620s, France in 1651, Denmark in 1657, Prussia in 1682 and England in 1694. Usage by country Australia The Australian Federal Government does not levy stamp duty. However, stamp duties are levied by the Australian states on various instruments (written documents) and transactions. Stamp duty laws can differ significantly between all eight jurisdictions. The rates of stamp duty also diffe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finance Act
A Finance Act is the headline fiscal (budgetary) legislation enacted by the UK Parliament, containing multiple provisions as to taxes, duties, exemptions and reliefs at least once per year, and in particular setting out the principal tax rates for each fiscal year. Overview In the UK, the Chancellor of the Exchequer delivers a Budget speech on Budget Day, outlining changes in spending, as well as tax and duty. The changes to tax and duty are passed as law, and each year form the respective Finance Act. Additional Finance Acts are also common and are the result of a change in governing party due to a general election, a pressing loophole or defect in the law of taxation, or a backtrack with regard to government spending or taxation. However, a repeal order can also be made by statutory instrument. The rules governing the various taxation methods are contained within the relevant taxation acts. Capital Gains Tax legislation, for example, is contained within Taxation of Chargeable ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Progressive Tax
A progressive tax is a tax in which the tax rate increases as the taxable amount increases.Sommerfeld, Ray M., Silvia A. Madeo, Kenneth E. Anderson, Betty R. Jackson (1992), ''Concepts of Taxation'', Dryden Press: Fort Worth, TX The term ''progressive'' refers to the way the tax rate progresses from low to high, with the result that a taxpayer's average tax rate is less than the person's marginal tax rate.Hyman, David M. (1990) ''Public Finance: A Contemporary Application of Theory to Policy'', 3rd, Dryden Press: Chicago, ILJames, Simon (1998) ''A Dictionary of Taxation'', Edgar Elgar Publishing Limited: Northampton, MA The term can be applied to individual taxes or to a tax system as a whole. Progressive taxes are imposed in an attempt to reduce the tax incidence of people with a lower ability to pay, as such taxes shift the incidence increasingly to those with a higher ability-to-pay. The opposite of a progressive tax is a regressive tax, such as a sales tax, where the poor pay ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Assessment
Tax assessment, or assessment, is the job of determining the value, and sometimes determining the use, of property, usually to calculate a property tax. This is usually done by an office called the assessor or tax assessor. Governments need to collect taxes in order to function. Federal, state and local governments impose tax assessments against real property, personal property and income. The word tax assessment is used in different ways but often refers to a tax liability owed by a taxpayer. In the case of property, a tax assessment is an evaluation or an estimate of value that is typically performed by a tax assessor. The assessment leads to an “assessed value,” which is a base number used in the calculation of the property tax. There is a relationship between the assessed value and the tax liability. The higher the assessment, the higher the tax bill. In some jurisdictions, the assessed value is meant to equal the market value of property. In other areas, the market va ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hearth Tax
A hearth tax was a property tax in certain countries during the medieval and early modern period, levied on each hearth, thus by proxy on wealth. It was calculated based on the number of hearths, or fireplaces, within a municipal area and is considered among the first types of progressive tax. Hearth tax was levied in the Byzantine Empire from the 9th century, France and England from the 14th century, and finally in Scotland and Ireland in the 17th century. History Byzantine Empire In the Byzantine Empire a tax on hearths, known as ''kapnikon'', was first explicitly mentioned for the reign of Nicephorus I (802–811), although its context implies that it was already then old and established and perhaps it should be taken back to the 7th century AD. Kapnikon was a tax levied on households without exceptions for the poor.Haldon, John F. (1997) ''Byzantium in the Seventh Century: the Transformation of a Culture''. Cambridge University Press. France In the 1340s especially, the Kin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Window Tax
Window tax was a property tax based on the number of windows in a house. It was a significant social, cultural, and architectural force in England, France, and Ireland during the 18th and 19th centuries. To avoid the tax, some houses from the period can be seen to have bricked-up window-spaces (ready to be glazed or reglazed at a later date). In England and Wales it was introduced in 1696 and was repealed 155 years later, in 1851. In France it was established in 1798 and was repealed in 1926. Scotland had window tax from 1748 until 1798. History The tax was introduced in England and Wales in 1696 under King William III and was designed to impose tax relative to the prosperity of the taxpayer, but without the controversy that then surrounded the idea of income tax. At that time, many people in Britain opposed income tax, on principle, because the disclosure of personal income represented an unacceptable governmental intrusion into private matters, and a potential threat to pers ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Land Tax (England)
The Land Tax was a land value tax levied in England from 1692 to 1963, though such taxes predate the best-known 1692 Act. Taxes on land date back to the Norman Conquest and beyond, and the Land Tax introduced in 1692 was a natural successor to taxation acts in 1671 and 1689, but the 1692 act "has been regarded as a turning point in the history of English revenue collection. It was from this Act that contemporaries and historians alike date what has come to be known as the eighteenth-century Land Tax". The land tax elements of the 1671, 1689 and 1692 Acts were limited to one year but the 1798 Act made the tax perpetual (until it was abolished in 1963). A Land Tax had also applied in Scotland from 1667. After the Acts of Union 1707, the Scottish charge was included in subsequent Acts of the Parliament of Great Britain. Subsidy Act 1670/71 (22 & 23 Car. 2 c. 3) "An Act for granting a Subsidy to his Majestie for Supply of his Extraordinary Occasions" was enacted in the reign of Cha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Second Anglo-Dutch War
The Second Anglo-Dutch War or the Second Dutch War (4 March 1665 – 31 July 1667; nl, Tweede Engelse Oorlog "Second English War") was a conflict between Kingdom of England, England and the Dutch Republic partly for control over the seas and trade routes, where England tried to end the Dutch domination of world trade during a period of intense European commercial rivalry, but also as a result of political tensions. After initial English successes, the war ended in a Dutch victory. It was the second of Anglo-Dutch Wars, a series of naval wars fought between the English and the Dutch in the 17th and 18th centuries. Background Anglo-Dutch relations Traditionally, many historians considered that the First Anglo-Dutch War, First and Second Anglo-Dutch Wars arose from commercial and maritime rivalry between England and the Netherlands. Although continuing commercial tensions formed the background to the second war, a group of ambitious English politicians and naval officers ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HM Revenue And Customs
HM Revenue and Customs (His Majesty's Revenue and Customs, or HMRC) is a non-ministerial government department, non-ministerial Departments of the United Kingdom Government, department of the His Majesty's Government, UK Government responsible for the tax collection, collection of Taxation in the United Kingdom, taxes, the payment of some forms of Welfare state in the United Kingdom, state support, the administration of other regulatory Regime#Politics, regimes including the national minimum wage and the issuance of national insurance numbers. HMRC was formed by the merger of the Inland Revenue and HM Customs and Excise, which took effect on 18 April 2005. The department's logo is the St Edward's Crown enclosed within a circle. Prior to the Elizabeth II, Queen's death on 8 September 2022, the department was known as ''Her'' Majesty's Revenue and Customs and has since been amended to reflect the change of monarch. Departmental responsibilities The department is responsible for the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HM Customs And Excise
HM Customs and Excise (properly known as Her Majesty's Customs and Excise at the time of its dissolution) was a department of the British Government formed in 1909 by the merger of HM Customs and HM Excise; its primary responsibility was the collection of customs duties, excise duties, and other indirect taxes. The payment of customs dues has been recorded in Britain for over one thousand years and HMCE was formed from predecessor bodies with a long history. With effect from 18 April 2005, HMCE merged with the Inland Revenue (which was responsible for the administration and collection of direct taxes) to form a new department: HM Revenue and Customs (HMRC). Activities The three main functions of HMCE were revenue collection, assessment and preventive work, alongside which other duties were performed. Revenue collection On behalf of HM Treasury, officers of HM Customs and Excise levied customs duties, excise duties, and other indirect taxes (such as Air Passenger Duty, C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
