|
Insurance Premium Tax (UK)
Insurance Premium Tax (IPT) is a type of indirect tax, indirect tax levied on general insurance premiums in the United Kingdom. Overview The Government of the United Kingdom, UK government introduced the Insurance Premium Tax to raise revenue from the insurance sector, which was viewed as being under-taxed, and not subject to Value Added Tax (United Kingdom), Value Added Tax. The main European Union value added tax, EU legislation regarding VAT (Council Directive 2006/112/EC) states that insurance and reinsurance transactions, including related services performed by insurance brokers and insurance agents, are exempt from VAT. The Insurance Premium Tax was announced by Kenneth Clarke in the November 1993 budget and introduced with the Finance Act 1994 which received Royal Assent on 3 May 1994. IPT is under the care and management of HM Revenue & Customs. IPT raised £2.3 billion in the fiscal year 2009/10. Law The main law relating to IPT includes: * the Finance Act 1994 (secti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indirect Tax
An indirect tax (such as a sales tax, per unit tax, value-added tax (VAT), excise tax, consumption tax, or tariff) is a tax that is levied upon goods and services before they reach the customer who ultimately pays the indirect tax as a part of market price of the good or service purchased. Alternatively, if the entity who pays taxes to the tax collecting authority does not suffer a corresponding reduction in income, i.e., the effect and tax incidence are not on the same entity meaning that tax can be shifted or passed on, then the tax is indirect. An indirect tax is collected by an intermediary (such as a retail store) from the person (such as the consumer) who pays the tax included in the price of a purchased good. The intermediary later files a tax return and forwards the tax proceeds to government with the return. In this sense, the term indirect tax is contrasted with a direct tax, which is collected directly by government from the persons (legal or natural) on whom it is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2016 United Kingdom Budget
The 2016 United Kingdom budget was delivered by George Osborne, the Chancellor of the Exchequer, to the House of Commons on Wednesday, 16 March 2016. It was the second fully Conservative budget delivered by Osborne, after the July 2015 budget. This was to be Osborne's last budget as Chancellor, as he was replaced by Philip Hammond on 13 July by way of Theresa May's cabinet reshuffle. Background In the November 2015 Autumn Statement, the independent Office for Budget Responsibility predicted that the UK economy would grow by 2.4% in 2016. Budget announcements * Osborne will introduce a sugar tax on soft drinks from 2018, raising around half a billion pounds which will be used to fund after-school activities such as sport and art. * The predicted GDP growth for 2016 was lowered to 2% from 2.4%. * The tax-free allowance will be raised to £11,500 and the 40p tax threshold will increase to £45,000. * There will be a new savings account, the Lifetime ISA, for the under-40s, wit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Conduct Authority
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom. It operates independently of the UK Government and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers, and maintains the integrity of the financial markets in the United Kingdom. It focuses on the regulation of conduct by both retail and wholesale financial services firms. Like its predecessor the FSA, the FCA is structured as a company limited by guarantee.Goldsworth, J., ''Lexicon of Trust & Foundation Practice'' ( Wendens Ambo: Mulberry House Press, 2016)p. 140 The FCA works alongside the Prudential Regulation Authority and the Financial Policy Committee to set regulatory requirements for the financial sector. The FCA is responsible for the conduct of around 58,000 businesses which employ 2.2 million people and contribute around £65.6 billion in annual tax revenue to the economy in the Unite ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services
Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns financial management and consumer finance. The finance industry in its most common sense concerns commercial banks that provide market liquidity, derivative (finance), risk instruments, and broker, brokerage for large public company, public companies and multinational corporations at a macroeconomics, macroeconomic scale that impacts domestic politics and foreign relations. The extragovernmental power and scale of the finance industry remains an ongoing controversy in many industrialized Western economies, as seen in the American Occupy Wall Street civil protest movement of 2011. Styles of financial institution include credit union, bank, savings and loan association, trust company, building society, brokerage firm, payment processor, many ty ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Channel Tunnel
The Channel Tunnel (), sometimes referred to by the Portmanteau, portmanteau Chunnel, is a undersea railway tunnel, opened in 1994, that connects Folkestone (Kent, England) with Coquelles (Pas-de-Calais, France) beneath the English Channel at the Strait of Dover. It is the only fixed link between the island of Great Britain and the European mainland. At its lowest point, the tunnel is below the sea bed and below sea level. At , it has the longest underwater section of any tunnel in the world and is the List of longest railway tunnels, third-longest railway tunnel in the world. While designed to accommodate trains travelling at up to , for safety, trains are restricted to a top speed of through the tunnel. The tunnel is owned and operated by Getlink, formerly Groupe Eurotunnel. The tunnel carries high-speed Eurostar passenger trains, LeShuttle services for road vehicles and Rail freight transport, freight trains. It connects end-to-end with high-speed railway lines: the LG ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Motability
Motability is a scheme in the United Kingdom intended to enable disabled people, their families and their carers to lease a new car, scooter or powered wheelchair. It is open to recipients of certain disability benefit, who exchange their weekly payments for a leased vehicle through the scheme. Insurance, vehicle excise duty and breakdown cover are all included, and customers of the scheme are eligible for a new car every three years. Motability was founded in 1977 by Lord Sterling of Plaistow and the late Lord Goodman. It is a partnership between the charitable sector, the UK government, leading banks, and the motor and insurance industries, managed by a private company called Motability Operations Ltd, and overseen by the Motability Foundation charity. King Charles III became Chief Patron in 2024. It is the largest fleet operator in Europe. In 2024, the scheme accounted for around 1 in 5 new cars purchased in the UK, with 815,000 people on the scheme, up 15% on the pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Health Insurance
Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among many individuals. By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization, such as a government agency, private business, or not-for-profit entity. According to the Health Insurance Association of America, health insurance is defined as "coverage that provides for the payments of benefits as a result of sickness or injury. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment". A health insurance policy i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Total Permanent Disability Insurance
Total Permanent Disability ''(TPD)'' is a phrase used in the insurance industry and in law. Generally speaking, it means that because of a sickness or injury, a person is unable to work in their own or any occupation for which they are suited by training, education, or experience. An individual or group of individuals can insure themselves against it through a disability insurance policy, as part of a life insurance package or through worker's compensation insurance. Definitions of permanent disability Ballentine's Law Dictionary defines a permanent disability is one that "will remain with a person throughout" his or her lifetime, or he or she will not recover, or "that in all possibility, will continue indefinitely." Insurance companies often have slightly different definitions of what determines permanent disability. However typical definitions would include: * Loss of two of: Eyes, Arms, or Legs. * Absence from work for six months due to an accident or illness, without expecta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Life Insurance
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of thos ... between an insurance policy holder and an insurance , insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policyholder typically pays a premium, either regularly or as one lump sum. The benefits may include other expenses, such as funeral expenses. Life policies are legal contracts and the terms of each contract describe the limitations of the insured events. Often, specific exclusions written into the contract limit the liability of the insurer; c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reinsurance
Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself (at least in part) from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insurance liabilities to the other insurance company. The company that purchases the reinsurance policy is referred to as the "ceding company" or "cedent". The company issuing the reinsurance policy is referred to as the "reinsurer". In the classic case, reinsurance allows insurance companies to remain Solvency, solvent after major claims events, such as major disasters like hurricanes or wildfires. In addition to its basic role in risk management, reinsurance is sometimes used to reduce the ceding company's capital requirements, or for tax mitigation or other purposes. The reinsurer may be either a specialist reinsurance company, which only undertakes reinsurance business, or another insurance company. Insurance companies that accept reinsur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Philip Hammond
Philip Hammond, Baron Hammond of Runnymede (born 4 December 1955) is a British politician and life peer who served as Chancellor of the Exchequer from 2016 to 2019 and Foreign Secretary from 2014 to 2016, having previously served as Defence Secretary from 2011 to 2014 and Transport Secretary from 2010 to 2011. A member of the Conservative Party, he was the Member of Parliament (MP) for Runnymede and Weybridge from 1997 to 2019. Born in Epping, Essex, Hammond studied Philosophy, politics and economics at University College, Oxford. He worked from 1984 as a company director at Castlemead Ltd – a healthcare and nursing company. From 1995 to 1997, he acted as an adviser to the government of Malawi before his election to Parliament. Hammond served in the Shadow Cabinets of Michael Howard and David Cameron as Shadow Secretary of State for Work and Pensions from 2005 to 2007 and Shadow Chief Secretary to the Treasury in 2005 and from 2007 to 2010. After the formation of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Osborne
George Gideon Oliver Osborne (born 23 May 1971) is a British retired politician and newspaper editor who served as Chancellor of the Exchequer from 2010 to 2016 and as First Secretary of State from 2015 to 2016 in the Cameron government. A member of the Conservative Party, he was Member of Parliament (MP) for Tatton from 2001 to 2017. The son of the Osborne & Little co-founder and baronet Peter Osborne, Osborne was born in Paddington and educated at Norland Place School, Colet Court and St Paul's School, London before studying at the University of Oxford as an undergraduate student of Magdalen College, Oxford. After working briefly as a freelancer for ''The Daily Telegraph'', he joined the Conservative Research Department in 1994 and became head of its political section. He went on to be a special adviser to Minister of Agriculture, Fisheries and Food Douglas Hogg and work for John Major at 10 Downing Street, including on Major's unsuccessful 1997 general elec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
