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HMRC
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC, and formerly Her Majesty's Revenue and Customs) is a Departments of the United Kingdom Government, department of the 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 Tudor Crown (heraldry), Tudor Crown enclosed within a circle. Departmental responsibilities The department is responsible for the administration and collection of direct taxes including Income Tax, United Kingdom corporation tax, Corporation Tax, Capital Gains Tax (CGT) and Inheritance Tax (IHT), indirect taxes includ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom Corporation Tax
: ''Throughout this article, the term "pound" and the £ symbol refer to the Pound sterling.'' Corporation tax in the United Kingdom is a corporate tax levied in on the Profit (economics), profits made by UK-resident Company (law), companies and on the profits of entities registered overseas with permanent establishments in the UK. Until 1 April 1965, companies were taxed at the same Taxation in the United Kingdom#Income tax, income tax rates as individual taxpayers, with an additional profits tax levied on companies. Finance Act 1965 replaced this structure for companies and associations with a single corporate tax, which took its basic structure and rules from the income tax system. Since 1997, the UK's Tax Law Rewrite ProjectTax Law Rewrite , Her Majesty's Revenue and Customs (HMRC). Retrieved 17 April 2007 has been modernising the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In The United Kingdom
In the United Kingdom, taxation may involve payments to at least three different levels of government: Government of the United Kingdom, central government (HM Revenue and Customs), Devolution in the United Kingdom, devolved governments and Local government in the United Kingdom, local government. Central government revenues come primarily from income tax, National Insurance contributions, value added tax, United Kingdom corporation tax, corporation tax and Hydrocarbon oil duty, 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 decriminalised parking enforcement, on-street parking. In the fiscal year 2023–24, total government revenue was forecast to be £1,139.1 billion, or 40.9 per cent of Gross domestic product, GDP, with income taxes and National Insurance contributions standing at around £470 billion. History A uniform Land Tax (Eng ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stamp Duty Land Tax
Stamp duty in the United Kingdom is a form of tax charged on legal instruments (written documents), and historically required a physical stamp to be attached to or impressed upon the document in question. The more modern versions of the tax no longer require a physical stamp. History of UK stamp duties Stamp duty was first introduced in England on 28 June 1694, during the reign of William III and Mary II, under "An act for granting to their Majesties several duties upon vellum, parchment and paper, for four years, towards carrying on the war against France". Dagnall, H. (1994) ''Creating a Good Impression: three hundred years of The Stamp Office and stamp duties.'' London: HMSO, p. 3. In the 1702/03 financial year 3,932,933 stamps were embossed in England for a total value of £91,206.10s.4d. Stamp duty was so successful that it continues to this day through a series of Stamp Acts. Similar duties have been levied in the Netherlands, France and elsewhere. During the 18th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Insurance
National Insurance (NI) is a fundamental component of the welfare state in the United Kingdom. It acts as a form of social security, since payment of NI contributions establishes entitlement to certain state benefits for workers and their families. Introduced by the National Insurance Act 1911 and expanded by the Attlee ministry in 1948, the system has been subjected to numerous amendments in succeeding years. Initially, it was a contributory form of insurance against illness and unemployment, and eventually provided retirement pensions and other benefits. Currently, workers pay contributions from the age of sixteen years, until the age they become eligible for the State Pension. Contributions are due from employed people earning at or above a threshold called the Lower Earnings Limit, the value of which is reviewed each year. Self-employed people contribute through a percentage of net profits above a threshold, which is reviewed periodically. Individuals may also make volunt ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Valuation Office Agency
The Valuation Office Agency is a government body in Great Britain. It is an executive agency of His Majesty's Revenue and Customs. The agency values properties for the purpose of Council Tax and for non-domestic rates in England and Wales (in Scotland this function is performed by the Scottish Assessors). This work is undertaken on behalf of the Department for Levelling Up, Housing and Communities in England, and the Welsh Government in Wales. It also incorporates the rent officer service which determines fair rents on those properties which remain under rent control and the local housing allowance. Across Great Britain, including Scotland, the agency also provides additional valuation services to HM Revenue and Customs through its District Valuer Services business stream. This includes property valuations for the purpose of assessing taxes, such as capital gains and inheritance tax. District Valuer Services also provide a wide range of valuation services to the public sec ... [...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, customs duties, excise duties, and other indirect taxes. The payment of customs Duty (economics), 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 Government revenue, revenue tax collection, collection, Customs valuation, assessment and Crime prevention, preventive work, alongside which other duties were performed. Revenue collection On behalf of HM Treasury, officers of HM Customs and Exc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Air Passenger Duty
Air Passenger Duty (APD) is an excise duty which is charged on the carriage of passengers flying from a United Kingdom or Isle of Man airport on an aircraft that has an authorised take-off weight of more than 5.7 tonnes or more than twenty seats for passengers. The duty is not payable by inbound international passengers who are bookedNotice 550 Section 4.1 HMRC to continue their journey (to an international destination) within 24 hours of their scheduled time of arrival in the UK. (The same exemption applies to booked onward domestic flights, but the time limits are shorter and more complex.) If a passenger "stops-over" for more than 24 hours (or the domestic limit, if applicable), duty is payable in fu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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 (from 1999). 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 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 2000s and 2010s. History The Board of Taxes The beginning ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Climate Change Levy
The Climate Change Levy (CCL) is a tax on energy delivered to non-domestic users in the United Kingdom. Scope and purpose Introduced on 1 April 2001 under the Finance Act 2000, it was forecast to cut annual emissions by 2.5 million tonnes by 2010, and forms part of the UK's Climate Change Programme. The levy applies to most energy users, with the notable exceptions of those in the domestic and transport sectors. Electricity from nuclear is taxed even though it causes no direct carbon emissions. Originally electricity generated from new renewables and approved cogeneration schemes was not taxed, but the July 2015 Budget removed this exemption from 1 August 2015, raising £450m/year. Rates From when it was introduced, the levy was frozen at 0.43p/kWh on electricity, 0.15p/kWh on coal and 0.15p/kWh on gas. A reduction of up to 90% from the levy may be gained by energy-intensive users provided they sign a Climate Change Agreement. Revenue from the levy was offset by a 0 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commissioners For Revenue And Customs Act 2005
The Commissioners for Revenue and Customs Act 2005 (c 11) is an Act of the Parliament of the United Kingdom which combined the Inland Revenue and HM Customs and Excise into a single government department, HM Revenue and Customs. The Act also established the Revenue and Customs Prosecutions Office, and provided for inspections of HMRC by HM Inspectors of Constabulary to ensure that it complies with the law. In combining the two revenue departments into one, the Act implemented the recommendation of the O'Donnell Review. The Act provides for the new department to inherit the powers of the old departments, pending a comprehensive review of revenue powers. Following some controversy in the Parliamentary debates, the Act also expressly provides for a duty to keep information confidential, with criminal penalties for wrongful disclosure. The separation of prosecution functions to an independent body followed recommendations in the Gower Hammond Report and the Butterfield Re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Collection
A revenue service, revenue agency or taxation authority is a government agency responsible for the intake of government revenue, including taxes and sometimes non-tax revenue. Depending on the jurisdiction, revenue services may be charged with tax collection, investigation of tax evasion, or carrying out audits. In certain instances, they also administer payments to certain relevant individuals (such as statutory sick pay, statutory maternity pay) as well as targeted financial support ( welfare) to families and individuals (through payment of tax credit A tax credit is a tax incentive which allows certain taxpayers to subtract the amount of the credit they have accrued from the total they owe the state. It may also be a credit granted in recognition of taxes already paid or a form of state "dis ...s or transfer payments). The chief executive of the revenue agency is usually styled as Commissioner, Minister, Secretary or Director. Revenue services by jurisdiction Refe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
