| Taxation in the United Kingdom |
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the United Kingdom Tax rates around the world Tax revenue as % of GDP Part of the Taxation series Taxation in the United Kingdom may involve payments to at least two different levels of government: local government and central government (HM Revenue & Customs). ...
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The Politics of the United Kingdom of Great Britain and Northern Ireland takes place in the framework of a constitutional monarchy in which the Monarch is head of state and the Prime Minister of the United Kingdom is the head of government. ...
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taxation | HM Treasury
HM Revenue and Customs
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VAT · National Insurance
Corporation tax
Inheritance tax · Stamp Duty
Capital gains tax · Excise tax
Motoring taxes
Tax rates around the world Tax revenue as % of GDP Part of the Taxation series Taxation in the United Kingdom may involve payments to at least two different levels of government: local government and central government (HM Revenue & Customs). ...
The new eastern entrance to HM Treasury HM Treasury, in full Her Majestys Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the UK Governments financial and economic policy. ...
Part of the HMRC complex in Nottingham. ...
UK Income Tax and National Insurance (2005–2006) UK Income Tax and National Insurance as a % of Salary (2005–2006) Income tax forms the bulk of revenues collected by the government. ...
PAYE (or pay-as-you-earn) is a payroll deduction system for collecting income tax in the United Kingdom. ...
vat can be a type of barrel used for storage. ...
UK Income Tax and National Insurance (2005–2006) UK Income Tax and National Insurance as a % of Salary (2005–2006) National Insurance is a system of taxes, and related social security benefits, that has operated in the United Kingdom since its introduction in 1911, and wider extension by the government...
Tax rates around the world Tax revenue as % of GDP Part of the Taxation series Corporation tax is a tax levied in the United Kingdom on the profits made by companies and associations that are resident for tax purposes, and on the profits of permanent establishments of non-UK resident...
Tax rates around the world Tax revenue as % of GDP Part of the Taxation series In the United Kingdom, Inheritance Tax was first introduced as a tax on estates in England and Wales over a certain value from 1796, then called legacy, succession and estate duties. ...
A capital gains tax (abbreviated: CGT) is a tax charged on capital gains, the profit realized on the sale of an asset that was purchased at a lower price. ...
Her Majestys Customs and Excise (HMCE) was, until April 2005, a department of the British Government in the UK. It was responsible for the collection of Value added tax (VAT), Customs Duties, Excise Duties, and other indirect taxes such as Air Passenger Duty, Climate Change Levy, Insurance Premium Tax...
Motoring taxation in the United Kingdom comes in a variety of forms. ...
| | Local government taxation | Local government
Council Tax · Business rates
Rates Tax rates around the world Tax revenue as % of GDP Part of the Taxation series Taxation in the United Kingdom may involve payments to at least two different levels of government: local government and central government (HM Revenue & Customs). ...
There is no single system of local government in the United Kingdom. ...
The Council Tax is the main form of local taxation in England, Scotland and Wales. ...
Business rates are a United Kingdom tax charged to businesses and other occupiers of non-domestic property. ...
Rates are a type of taxation system in the United Kingdom and elsewhere, such as New Zealand, historically used to fund local government. ...
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| | Part of the Taxation series | | view • talk • edit • project | In the United Kingdom, stamp duty is a form of tax charged on instruments (that is, written documents), and requires a physical stamp to be attached to or impressed upon the instrument in question. The more modern versions of the tax no longer require a physical stamp. Image File history File links This is a lossless scalable vector image. ...
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Comparison of tax rates around the world is a difficult and somewhat subjective enterprise. ...
This table lists OECD countries by total tax revenue as percentage of GDP (as of 2005). ...
Stamp duty is a form of tax that is levied on documents. ...
The scope of stamp duty has been reduced dramatically in recent years. Apart from transfers of shares and securities, the issue of bearer instruments and certain transactions involving partnerships, stamp duty was largely abolished in the UK from 1 December 2003. "Stamp duty land tax" (SDLT), a new transfer tax derived from stamp duty, was introduced for land transactions from 1 December 2003. "Stamp duty reserve tax" (SDRT) was introduced on agreements to transfer certain shares and other securities in 1986. This article or section does not adequately cite its references or sources. ...
For security (collateral), the legal right given to a creditor by a borrower, see security interest A security is a fungible, negotiable interest representing financial value. ...
A bearer instrument is a document that indicates that the bearer of the document has title to property, such as shares or bonds. ...
A partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which all have invested. ...
is the 335th day of the year (336th in leap years) in the Gregorian calendar. ...
Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ...
A transfer tax is a direct tax that is paid when title to property is transferred. ...
is the 335th day of the year (336th in leap years) in the Gregorian calendar. ...
Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ...
History of UK stamp duties Stamp duty was first introduced in the UK in 1694, during the reign of William and Mary under "An act for granting to Their Majesties several duties on Vellum, Parchment and Paper for 4 years, towards carrying on the war against France". Similar duties had been levied in the Netherlands. Stamp duty was so successful that it continues to this day through a series of Stamp Acts. Events February 6 - The colony Quilombo dos Palmares is destroyed. ...
William III Mary II The phrase William and Mary usually refers to the joint sovereignty over the Kingdom of England and the Kingdom of Scotland of King William III and his wife Queen Mary II. Their joint reign began in February, 1689, when they were called to the throne by...
A stamp act is a law enacted by a government that requires a tax to be paid on the transfer of certain documents. ...
During the 18th and early 19th centuries, stamp duties were extended to cover newspapers, pamphlets, lottery tickets, apprentices' indentures, advertisements, playing cards, dice, hats, gloves, patent medicines, perfumes, insurance policies, gold and silver plate, hair powder and armorial bearings. (17th century - 18th century - 19th century - more centuries) As a means of recording the passage of time, the 18th century refers to the century that lasted from 1701 through 1800. ...
Alternative meaning: Nineteenth Century (periodical) (18th century — 19th century — 20th century — more centuries) As a means of recording the passage of time, the 19th century was that century which lasted from 1801-1900 in the sense of the Gregorian calendar. ...
Polish soldiers reading a German leaflet during the Warsaw Uprising A pamphlet is an unbound booklet (that is, without a hard cover or binding). ...
A lottery is a popular form of gambling which involves the drawing of lots for a prize. ...
If youre looking for the TV show, see The Apprentice. ...
An Indentured servant is an unfree labourer under contract to work (for a specified amount of time) for another person, often without any pay, but in exchange for accommodation, food, other essentials and/or free passage to a new country. ...
Generally speaking, advertising is the paid promotion of goods, services, companies and ideas by an identified sponsor. ...
For the Russian group of artists, see Jack of Diamonds (artists). ...
Dice (the plural of die, from Old French de, from Latin datum something given or played [1]) are small polyhedral objects, usually cubical, used for generating random numbers or other symbols. ...
A hat is an item of clothing which is worn on the head; a kind of headgear. ...
// Leather gloves A glove (Middle English from Old English glof) is a type of garment (and more specifically a fashion accessory) which covers the hand of a human. ...
For other uses, see Patent (disambiguation). ...
Perfume is a mixture of fragrant essential oils and aroma compounds, fixatives, and solvents used to give the human body, objects, and living spaces a pleasant smell. ...
An Insurance contract determines the legal framework under which the features of an insurance policy are enforced. ...
GOLD refers to one of the following: GOLD (IEEE) is an IEEE program designed to garner more student members at the university level (Graduates of the Last Decade). ...
This article is about the chemical element. ...
Heraldry in its most general sense encompasses all matters relating to the duties and responsibilities of officers of arms. ...
The attempted enforcement of the Stamp Act 1765 in the English colonies in America led to the outcry of no taxation without representation. In some ways, stamp duty led to the American War of Independence. The Stamp Act of 1765 (short title Duties in American Colonies Act 1765; 5 George III, c. ...
This article is about the colonial history of the United States. ...
No taxation without representation was a slogan in the period 1763-1775 that summarized a primary grievance of the American colonists in the Thirteen colonies. ...
The American Revolutionary War (1775–1783), also known as the American War of Independence, was a war fought primarily between Great Britain and revolutionaries within thirteen of her North American colonies. ...
Historically, stamp taxes were administered by the Board of Stamps. This merged with the Board of Taxes in 1833/1834, and the Board of Inland Revenue was created under the Inland Revenue Board Act 1849 by merger of the Board of Excise and Board of Stamps and Taxes. Stamp taxes were then administered by the Inland Revenue Stamp Taxes business stream (formerly the Stamp Office). Another merger occurred in 2004, with the Inland Revenue and HM Customs & Excise to form HM Revenue & Customs which now itself manages stamp duty. 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. ...
In the UK, Her Majestys Customs and Excise is a department of the British Government. ...
Her Majestys Revenue and Customs (HMRC) is a new department of the British Government created by the merger of the Inland Revenue and Her Majestys Customs and Excise which came into formal effect on 18 April 2005. ...
The Stamp Duties Management Act 1891 and the Stamp Act 1891 still contain much of the operative law on stamp duties, although there have been significant amendments subsequently and a partial consolidation was made in Finance Act 1999. The Stamp Act 1891 was the inspiration for many of the older Australian stamp duty Acts.
Stamp duty reserve tax Stamp duty reserve tax (SDRT) was introduced under the Finance Act 1986 to ensure that a form of tax equivalent to stamp duty would continue to be payable on the transfer of uncertificated shares. At that time, it was expected that the TAURUS share trading system would come into operation. In the event, SDRT was adapted for the change to trading in uncertificated shares in CREST, and is charged on agreements to transfer shares and other securities. SDRT is not a stamp tax, but a self-assessed transfer tax which is usually collected automatically by stock market participants (such as brokers) when a transaction takes place. In the UK, the Chancellor of the Exchequer delivers an annual Budget speech in March, outlining changes in spending, as well as tax and duty. ...
Taurus was a program that set to transfer the London Stock Exchange from paper communication to an automated system. ...
CREST (Cant Really Expect Settlement Today) is the Central Securities Depository for the U.K., Republic of Ireland, Isle of Man and Jersey equities and UK gilts. ...
Stamp duty remains in force for shares and securities that are held in certificated form which can only be transferred by using a physical stock transfer form, and runs in parallel to SDRT on agreements to transfer shares. Since 1986, both stamp duty and SDRT have been charged at a rate of 0.5% of the consideration for the transfer of shares (in the case of stamp duty, rounded up to the nearest £5). The same transaction may include an agreement to transfer shares which may trigger a liability to SDRT, and the agreement may later be completed by a transfer of the shares which is liable to stamp duty. Provided that the transfer is stamped within 6 years, the charge to SDRT is cancelled to avoid a double charge. In corporate law, a stock certificate (also known as certificate of stock or share certificate) is a legal document that certifies ownership of a specific number of stock shares in a corporation. ...
Consideration is something that is done or promised in return for a contractual promise. ...
A higher rate of SDRT at 1.5% is charged for the issue or transfer of shares to a person who operates a depositary receipt scheme or a clearance service (other than CREST, which is exempted). The higher charge compensates for the fact that later transfers of depositary interests or through the clearance services will not attract SDRT. This type of SDRT is by nature paid almost exclusively by offshore (i.e. non-UK) investors, primarily US fund managers and amounts to approx. 25% of the total SDRT collected annually. An American Depositary Receipt (ADR) is how the stock of most foreign companies trades in United States stock markets. ...
A unique feature of SDRT, compared to other purely domestic taxes in the United Kingdom, is that more than 40% of the annual intake is collected from outside the UK, thus creating an annual inflow of approx. £1.5 billion pounds from foreign investors to the UK government.
Stamp duty land tax The "Stamp duty land tax" (SDLT) was a new tax in land transactions that was introduced by the Finance Act 2003. It largely replaced stamp duty with effect from 1 December 2003. SDLT is not a stamp duty, but a form of self-assessed transfer tax charged on "land transactions". Stamp duty is a form of tax that is levied on documents. ...
is the 335th day of the year (336th in leap years) in the Gregorian calendar. ...
Year 2003 (MMIII) was a common year starting on Wednesday of the Gregorian calendar. ...
A transfer tax is a direct tax that is paid when title to property is transferred. ...
For typical transactions in land, such as the buying and selling of a residential house, there is little change from stamp duty, except that a tax return is required to be made to the HM Revenue & Customs (previously Inland Revenue) and documents no longer need to be given a physical stamp. Like any other self-assessed tax, but unlike stamp duty, HM Revenue & Customs is able to enquire into an SDLT return and raise assessments to recover unpaid SDLT. Part of the HMRC complex in Nottingham. ...
Whether or not tax is payable Her Majesty's Revenue and Customs require a Return to be received by them within four weeks of the transaction completing failing which they have power to levy a fine on the tax payer - the fine is not for failure to pay the tax but for failure to make the return. When a return is accepted by HMRC they provide a Certificate without which it is impossible to register a change in the land ownership.
Residential land purchases For residential house purchases, the current rates in the UK are as follows: | Consideration | Rate | | up to £125,000 (or £150,000) | 0% | | over £125,000 to £250,000 | 1% | | over £250,000 to £500,000 | 3% | | over £500,000 | 4% | SDLT is not a progressive tax, but rather works on a "slab" basis, so the above percentages apply to the whole of the purchase price. For example, a house priced at £250,000 would attract a SDLT of £2,500, but one of £250,001 would be liable to SDLT of £7,500. A progressive tax, or graduated tax, is a tax that is larger as a percentage of income for those with larger incomes. ...
In years prior to 2005, there had been a high level of house price inflation in the UK but no change in these thresholds, leading to a substantial increase in the revenue from SDLT through fiscal drag. In 2000-01, the Inland Revenue received £2.145bn from residential stamp duty. In 2002-03, it received £3.59bn [1]. Fiscal drag refers to the increase in tax revenue caused when the threshold of a tax is not increased in line with inflation. ...
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. ...
In 2005, the threshold for paying SDLT was raised from £60,000 to £120,000. In 2006, the threshold was further raised to £125,000. In certain disadvantaged areas the threshold is raised to £150,000.
Zero-carbon exemption - See also: Energy efficiency in British housing
In the December 2006 Pre-Budget Report the Government announced their 'ambition' that all new homes will be 'zero-carbon' by 2016 (i.e. built to zero-carbon building standards) [2]. To encourage this, an exemption from stamp duty land tax is to be granted, lasting until 2012, for all new zero-carbon homes up to £500,000 in value [3]. Domestic housing in the United Kingdom is currently one of the major obstacles to achieving the 20% overall cut in UK carbon emissions targeted by the Government for 2010. ...
In the United Kingdom, the Pre-Budget Report (PBR) is one of the two economic forecasts that HM Treasury is required to deliver to Parliament each year, the other being the annual Budget. ...
2016 (MMXVI) will be a leap year starting on Friday of the Gregorian calendar. ...
BedZED zero energy housing in the UK A zero energy building (ZEB) or net zero energy building is a general term applied to a building with a net energy consumption of zero over a typical year. ...
Leases In addition to SDLT on the purchase price for land, SDLT is also charged when a lease is granted. Any premium for the grant is charged to SDLT at the same rates as for the purchase price for a sale of land; SDLT is also charged on the rent payable under the lease, at the rate of 1% of the (discounted) net present value of rent passing under the whole term of the lease. Previously, stamp duty was charged at rate of up to 24% of the annual rent. The amount of SDLT due on the grant of a typical commercial lease generally amounts to a substantial increase from the amount of stamp duty that would have been due previously. This article or section should include material from Tenancy agreement A lease is a contract conveying from one person (the lessor) to another person (the lessee) the right to use and control some article of property for a specified period of time (the term), without conveying ownership, in exchange for...
Look up premium in Wiktionary, the free dictionary A Premium may refer to: Premium rate telephone number, the UK Premium Bond Premium outlet Risk premium, in finance, the monetary difference between the guaranteed return and the possible return on an investment This is a disambiguation page — a navigational aid which...
It has been suggested that this article or section be merged with rental agreement. ...
It has been suggested that this article or section be merged with Discounted cash flow. ...
Transfer of land SDLT is also charged on certain transactions involving the transfer of land involving partnerships (transfers of land from or to the partners, or changes in the partners' partnership interests where the partnership owns land). A partnership is a type of business entity in which partners share with each other the profits or losses of the business undertaking in which all have invested. ...
See also The British residential property market has experienced a rise in house prices significantly above base rate inflation over the past few years (beginning around 2000/1). ...
Property tax, millage tax is an ad valorem tax that an owner of real estate or other property pays on the value of the property being taxed. ...
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