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 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.
Budget Note 66 (BN66) is the mechanism by which the UK government introduced clause 55 of the Finance Bill 2008, which would later become Section 58 of the Finance Act 2008. This specifically targeted tax planning and tax avoidance schemes that made use of offshore trusts and double taxation treaties to reduce the tax paid by the scheme's users which had previously been legal. This arrangement was originally used by property developers but was then heavily marketed to the freelance community after the introduction of intermediaries legislation known as IR35, because it appeared to offer more certainty concerning tax liabilities than would be the case if running a limited company.
Section 50C of the Isle of Man Income Tax Act 1970 is an Act of Tynwald which created a new type of pension arrangement, adding to the Isle of Man’s existing local and international pension legislation. Pension schemes approved under 50C met the applicable HMRC regulations on Qualifying Recognised Overseas Pension Schemes (QROPS) until 5 April 2012 when the regulations changed.
The Finance Act 2009 is an Act of the Parliament of the United Kingdom. It amends the law in relation to pensions, Income Tax, Capital Gains Tax, Corporation Tax, Value Added Tax, stamp taxes, alcohol and tobacco duties, gambling duties, Vehicle Excise Duty, fuel duty, Climate Change Levy, Landfill Tax and other environmental taxes and duties.
The Energy Act 2004 is an Act of the Parliament of the United Kingdom concerned with nuclear power, renewable and sustainable energy and energy regulation. Royal assent was granted on 22 July 2004.
