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Entrepreneurs' Relief
In the United Kingdom, entrepreneurs selling their business (technically "qualifying assets") can claim Business Asset Disposal Relief. This is a lifetime allowance of £1million of gain that will be subject to Capital Gains Tax (CGT) at a reduced rate of 10%. Description To be eligible, a shareholder must have a 5% or more shareholding, and have been involved for 2 years or more with a company as an employee or director. Capital distributions from a limited company can occur as a result of a member's voluntary liquidation, and resulting profits are subject to CGT. Return of share capital following a resolution at the AGM is not classed as capital gains. The measure was introduced as Entrepreneur's Relief in April 2008, and renamed to Business Asset Disposal Relief in April 2020. The lifetime limit on qualifying gains was raised to £2 million in the March 2010 budget, and then to £5 million three months later by the new Conservative/Liberal coalition government. In the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Gains Tax In The United Kingdom
Capital gains tax in the United Kingdom is a tax levied on capital gains, the profit realised on the sale of a non-inventory asset by an individual or trust in the United Kingdom. The most common capital gains are realised from the sale of shares, bonds, precious metals, real estate, and property, so the tax principally targets business owners, investors and employee share scheme participants. In the UK, gains made by companies fall under the scope of corporation tax rather than capital gains tax. In 2017–18, total capital gains tax receipts were £8.3 billion from 265,000 individuals and £0.6 billion from trusts, on total gains of £58.9 billion. The current operation of the capital gains tax system is a recognised issue. The Conservative government consulted on the issue in 2020. Beginnings The capital gains tax (CGT) system was introduced by Labour Chancellor James Callaghan in 1965. Prior to this, capital gains were not taxed. Channon observed that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liquidation
Liquidation is the process in accounting by which a company is brought to an end in Canada, United Kingdom, United States, Ireland, Australia, New Zealand, Italy, and many other countries. The assets and property of the company are redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation. The process of liquidation also arises when customs, an authority or agency in a country responsible for collecting and safeguarding customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry. Liquidation may either be compulsory (sometimes referred to as a ''creditors' liquidation'' or ''receivership'' following bankruptcy, which may result in the court creating a "liquidation trust") or voluntary (sometimes referred to as a ''shareholders' liquidation'', although some voluntary liquidations are controlled by the creditors). The ter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
March 2010 United Kingdom Budget
The March 2010 United Kingdom Budget, official known as Budget 2010: Securing the recovery, was delivered by Alistair Darling, Chancellor of the Exchequer, to the House of Commons on 24 March 2010. The budget speech outlined the Labour Government's fiscal policies prior to the expected 2010 general election, which had to be called before July. The Budget's main headlines included: *A one-off "Bank Payroll Tax" on bankers bonus payments, projected to be worth £2bn *£11bn of savings across Government and a further £5bn savings from targeted spending *Introduce a new right to open a basic bank account *Above-inflation increases to alcohol and tobacco duties, with a pledge to redefine strong ciders in September 2010 *To reduce a previously announced fuel duty increase in April 2010, and introduce small increases at intervals *Temporary increase in small business rate relief *Threshold for stamp duty raised from £125,000 to £250,000 for first-time buyers for two years, and in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Times
''The Times'' is a British daily national newspaper based in London. It began in 1785 under the title ''The Daily Universal Register'', adopting its current name on 1 January 1788. ''The Times'' and its sister paper ''The Sunday Times'' (founded in 1821) are published by Times Newspapers, since 1981 a subsidiary of News UK, in turn wholly owned by News Corp. ''The Times'' and ''The Sunday Times'', which do not share editorial staff, were founded independently and have only had common ownership since 1966. In general, the political position of ''The Times'' is considered to be centre-right. ''The Times'' is the first newspaper to have borne that name, lending it to numerous other papers around the world, such as ''The Times of India'', ''The New York Times'', and more recently, digital-first publications such as TheTimesBlog.com (Since 2017). In countries where these other titles are popular, the newspaper is often referred to as , or as , although the newspaper is of nationa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Resolution Foundation
The Resolution Foundation is an independent British think tank established in 2005. Its stated aim is to improve the standard of living of low- and middle-income families. Appointments In June 2015, the former Conservative Party (UK), Conservative MP David Willetts took over as executive chairman. At the same time, Torsten Bell, a former senior advisor to Ed Miliband, was appointed as the organisation's director to lead what the Foundation described as "an expanded programme of work". , Willetts is president of the Foundation's Advisory Council and Intergenerational Centre, and Bell is chief executive. Prior to the appointment of Willetts and Bell, the organisation was led by a chief executive: Sue Regan from 2005 to 2010; Gavin Kelly from 2010 to 2015. Kelly then became the CEO of the Resolution Trust, which is the think tank's primary funder. Publications The Foundation has hosted a number of major reviews. The Commission on Living Standards, chaired by Clive Cowdery, ran f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2016 United Kingdom Budget
The 2016 United Kingdom budget was delivered by George Osborne, the Chancellor of the Exchequer, to the House of Commons on Wednesday, 16 March 2016. It was the second fully Conservative budget delivered by Osborne, after the July 2015 budget. This was to be Osborne's last budget as Chancellor, as he was replaced by Philip Hammond on 13 July by way of Theresa May's cabinet reshuffle. Background In the November 2015 Autumn Statement, the independent Office for Budget Responsibility predicted that the UK economy would grow by 2.4% in 2016. Budget announcements * Osborne will introduce a sugar tax on soft drinks from 2018, raising around half a billion pounds which will be used to fund after-school activities such as sport and art. * The predicted GDP growth for 2016 was lowered to 2% from 2.4%. * The tax-free allowance will be raised to £11,500 and the 40p tax threshold will increase to £45,000. * There will be a new savings account, the Lifetime ISA, for the under-40s, with t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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