The Finance Act 2007 is an Act of the

Parliament of the United Kingdom The Parliament of the United Kingdom is the supreme legislative body of the United Kingdom, the Crown Dependencies and the British Overseas Territories. It meets at the Palace of Westminster, London. It alone possesses legislative suprema ...

prescribing changes to

Excise Duties file:Lincoln Beer Stamp 1871.JPG, upright=1.2, 1871 U.S. Revenue stamp for 1/6 barrel of beer. Brewers would receive the stamp sheets, cut them into individual stamps, cancel them, and paste them over the Bunghole, bung of the beer barrel so when ...

, Value Added Tax,

Income Tax An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Tax ...

Corporation Tax A corporate tax, also called corporation tax or company tax, is a direct tax imposed on the income or capital of corporations or analogous legal entities. Many countries impose such taxes at the national level, and a similar tax may be imposed a ...

and

Capital Gains Tax A capital gains tax (CGT) is the tax on profits realized on the sale of a non-inventory asset. The most common capital gains are realized from the sale of stocks, bonds, precious metals, real estate, and property. Not all countries impose a c ...

. It enacts the Budget of 21 March 2007. In the UK, the ''Chancellor'' delivers an annual Budget speech outlining changes in spending, tax and duty. The respective year's

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 f ...

is the mechanism to enact the changes. The rules governing the various taxation methods are contained within the relevant taxation acts. (For instance Capital Gains Tax Legislation is contained within

Taxation of Chargeable Gains Act 1992 The Taxation of Chargeable Gains Act 1992c 12 is an Act of Parliament which governs the levying of capital gains tax in the United Kingdom. This is a tax on the increase in the value of an asset between the date of purchase and the date of sale of ...

). The Finance Act details amendments to be made to each one of these Acts.

References

Sources

* Halsbury's Statutes

External links

The Finance Act 2007
as amended from the National Archives.
The Finance Act 2007
as originally enacted from the National Archives. {{UK legislation United Kingdom Acts of Parliament 2007 2007 in economics Tax legislation in the United Kingdom