Act of Parliament | |
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Long title | An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance. |
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Citation | 1997 c. 16 |
Dates | |
Royal assent | 19 March 1997 |
Status: Current legislation | |
Text of statute as originally enacted | |
Text of the Finance Act 1997 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. |
The Finance Act 1997 is an Act of the Parliament of the United Kingdom enacting the 1997 United Kingdom Budget. The Chancellor of the Exchequer delivers the annual budget speech outlining changes in spending, tax, duty and other financial matters. The respective year's Finance Act is the mechanism to enact the changes. Levels of Excise Duties, Value Added Tax, Income Tax, Corporation Tax and Capital Gains Tax) are often modified.
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 Finance Act details amendments to be made to each one of these Acts.
A dividend tax is a tax imposed by a jurisdiction on dividends paid by a corporation to its shareholders (stockholders). The primary tax liability is that of the shareholder, though a tax obligation may also be imposed on the corporation in the form of a withholding tax. In some cases the withholding tax may be the extent of the tax liability in relation to the dividend. A dividend tax is in addition to any tax imposed directly on the corporation on its profits. Some jurisdictions do not tax dividends.
Corporation tax in the United Kingdom is a corporate tax levied in on the profits made by UK-resident companies and on the profits of entities registered overseas with permanent establishments in the UK.
In the United Kingdom, taxation may involve payments to at least three different levels of government: central government, 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.
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.
The Taxpayer Relief Act of 1997 was enacted by the 105th United States Congress and signed into law by President Bill Clinton. The legislation reduced several federal taxes in the United States and notably created the Roth IRA.
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The Income and Corporation Taxes Act 1988, also known as ICTA, was the foremost United Kingdom Act of Parliament concerned with taxation until the Income Tax Act 2007 and the Corporation Tax Act 2010. ICTA was enacted in order to consolidate a number of earlier legislative provisions covering taxation. Originally, ICTA primarily covered income tax and corporation tax. It is the longest Act of Parliament to have ever been written.
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The Finance Act 1999 is an Act of the United Kingdom Parliament prescribing changes to Excise Duties; Value Added Tax; Income Tax; Corporation Tax; and Capital Gains Tax. It enacts the 1999 Budget speech made by Chancellor of the Exchequer Gordon Brown to the Parliament of the United Kingdom.
The Finance Act 2003 is an Act of the Parliament of the United Kingdom prescribing changes to Excise Duties, Value Added Tax, Income Tax, Corporation Tax, and Capital Gains Tax. It enacts the 2003 Budget speech made by Chancellor of the Exchequer Gordon Brown to the Parliament of the United Kingdom.
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The Finance Act 2006 is an Act of the Parliament of the United Kingdom prescribing changes to Excise Duties; Value Added Tax; Income Tax; Corporation Tax; and Capital Gains Tax. It enacts the 2006 Budget speech made by Chancellor of the Exchequer Gordon Brown to the Parliament of the United Kingdom.
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Taxation in Bhutan is conducted by the national government and by its subsidiary local governments. All taxation is ultimately overseen by the Bhutan Ministry of Finance, Department of Revenue and Customs, which is part of the executive Lhengye Zhungtshog (cabinet). The modern legal basis for taxation in Bhutan derives from legislation. Several acts provide for taxation and enforcement only germane to their subject matter and at various levels of government, while a smaller number provide more comprehensive substantive tax law. As a result, the tax scheme of Bhutan is highly decentralized.
The Finance Act 2012 is an Act of the Parliament of the United Kingdom enacting the 2012 United Kingdom Budget. The Chancellor of the Exchequer delivers the annual budget speech outlining changes in spending, tax, duty and other financial matters. The respective year's Finance Act is the mechanism to enact the changes. Levels of Excise Duties, Value Added Tax, Income Tax, Corporation Tax and Capital Gains Tax) are often modified.
The Finance Act 2010 is an Act of the Parliament of the United Kingdom enacting the March 2010 United Kingdom Budget. The Chancellor of the Exchequer delivers the annual budget speech outlining changes in spending, tax, duty and other financial matters. However, in 2010 there was a second budget in June. The respective year's Finance Act is the mechanism to enact the changes. Levels of Excise Duties, Value Added Tax, Income Tax, Corporation Tax and Capital Gains Tax) are often modified.
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