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Personal Allowance
In the UK tax system, personal allowance is the threshold above which income tax is levied on an individual's income. A person who receives less than their own personal allowance in taxable income (such as earnings and some benefits) in a given tax year does not pay income tax; otherwise, tax must be paid according to how much is earned above this level. Certain residents are entitled to a larger personal allowance than others. Such groups include: the over-65s (followed by a further increased allowance for over-75s), blind people, and married couples where at least one person in the marriage (or civil partnership) was born before 6 April 1935. People earning over £100,000 a year have a smaller personal allowance. For every £2 earned above £100,000, £1 of the personal allowance is lost; meaning that incomes high enough will not have a personal allowance. Personal allowance tapering On 22 April 2009, the then Chancellor Alistair Darling announced in the 2009 Budget stat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In The United Kingdom
Taxation in the United Kingdom may involve payments to at least three different levels of government: central government ( HM Revenue & Customs), 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. History A uniform Land tax, originally was introduced in England during the late 17th century, formed the main source of government revenue throughout the 18th century and the early 19th century. Stephen Dowell, ''History of Taxation and Taxes in England'' (Ro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax Threshold
The income tax threshold is the income level at which a person begins paying income taxes. The income tax threshold equates to the: *Personal allowance in the UK, which is £12,500 for 2019/20. *Basic allowance in Germany, which is €9,408 in 2020. *Income tax threshold in France, which was €6,088 in 2012. *The standard deduction in the US, which was $12,000 in 2018 for a single person. *Basic personal amount in Canada, which was C$11,809 in 2018. *Tax-free threshold in Australia, which was A$18,200 in 2012-13. *Tax-free threshold in Greece, which was €9,545 in 2016. *Tax-free threshold in Poland is 30000 PLN in 2022. See also *Basic income guarantee *Tax bracket *Taxable income Taxable income refers to the base upon which an income tax system imposes tax. In other words, the income over which the government imposed tax. Generally, it includes some or all items of income and is reduced by expenses and other deductions. Th ... References {{Tax resistance threshold [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the first $10,000 of income taxed at 0%, the next $10,000 taxed at 1%, etc.). Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different (generally lower) rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdictio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Year
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national), and tax compliance refers to policy actions and individual behaviour aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs. The first known taxation took place in Ancient Egypt around 3000–2800 BC. A failure to pay in a timely manner ( non-compliance), along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labor equivalent. Most countries have a tax system in place, in order to pay for public, common societal, or agreed national needs and for the functions of government. Some levy a flat percentage rate of taxation on personal annual income, but mos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alistair Darling
Alistair Maclean Darling, Baron Darling of Roulanish, (born 28 November 1953) is a British politician who served as Chancellor of the Exchequer under Prime Minister Gordon Brown from 2007 to 2010. A member of the Labour Party, he was a Member of Parliament (MP) from 1987 until he stepped down in 2015, most recently for Edinburgh South West. Darling was first appointed as Chief Secretary to the Treasury by Prime Minister Tony Blair in 1997, and was promoted to Secretary of State for Work and Pensions in 1998. After spending four years at that department, he spent a further four years as Secretary of State for Transport, while also becoming Secretary of State for Scotland in 2003. Blair moved Darling for a final time in 2006, making him President of the Board of Trade and Secretary of State for Trade and Industry, before new Prime Minister Gordon Brown promoted Darling to replace himself as Chancellor of the Exchequer in 2007, a position he remained in until 2010. He served as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
2009 United Kingdom Budget
The 2009 United Kingdom Budget, officially known as Budget 2009: Building Britain's Future, was formally delivered by Alistair Darling in the House of Commons on 22 April 2009. It introduced new tax, spending and debt rises in a financial environment of rising unemployment and recession. Details To stimulate the motor industry, a £2,000 scrappage allowance was announced for a car more than 10 years old, if it is traded in for a new car and if it has been in the car buyer's ownership for the previous 12 months. £1,000 of this is to be provided by the government, and £1,000 by a motor manufacturer. The scheme started about mid-May 2009 and was planned to finish at the end of February 2010; however, before it was due to end, it was extended by one month, to the end of March 2010. For high earners, a 50% tax band was announced for earners of over £150,000 per year to start in April 2010, and tax relief on pension contributions was reduced progressively from 40% to 20% fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Osborne
George Gideon Oliver Osborne (born Gideon Oliver Osborne; 23 May 1971) is a former British 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. He was editor of the ''Evening Standard'' from 2017 to 2020. 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 before studying at 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conservative – Liberal Democrat Coalition Agreement
Conservatism is a cultural, social, and political philosophy that seeks to promote and to preserve traditional institutions, practices, and values. The central tenets of conservatism may vary in relation to the culture and civilization in which it appears. In Western culture, conservatives seek to preserve a range of institutions such as organized religion, parliamentary government, and property rights. Conservatives tend to favor institutions and practices that guarantee stability and evolved gradually. Adherents of conservatism often oppose modernism and seek a return to traditional values, though different groups of conservatives may choose different traditional values to preserve. The first established use of the term in a political context originated in 1818 with François-René de Chateaubriand during the period of Bourbon Restoration that sought to roll back the policies of the French Revolution. Historically associated with right-wing politics, the term has since ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chancellor Of The Exchequer
The chancellor of the Exchequer, often abbreviated to chancellor, is a senior minister of the Crown within the Government of the United Kingdom, and head of HM Treasury, His Majesty's Treasury. As one of the four Great Offices of State, the Chancellor is a high-ranking member of the Cabinet of the United Kingdom, British Cabinet. Responsible for all economic and financial matters, the role is equivalent to that of a finance minister in other countries. The chancellor is now always Second Lord of the Treasury as one of at least six Lords Commissioners of the Treasury, lords commissioners of the Treasury, responsible for executing the office of the Treasurer of the Exchequer the others are the prime minister and Commons government whips. In the 18th and early 19th centuries, it was common for the prime minister also to serve as Chancellor of the Exchequer if he sat in the Commons; the last Chancellor who was simultaneously prime minister and Chancellor of the Exchequer was Stanle ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Norman Lamont
Norman Stewart Hughson Lamont, Baron Lamont of Lerwick, (born 8 May 1942) is a British politician and former Conservative MP for Kingston-upon-Thames. He served as Chancellor of the Exchequer from 1990 until 1993. He was created a life peer in 1998. Lamont was a supporter of the Eurosceptic organisation Leave Means Leave. Early life Lamont was born in Lerwick, in the Shetland Islands, where his father was the islands' surgeon. He was educated at Loretto School, Musselburgh, Scotland, and read economics at Fitzwilliam College, Cambridge, where he was Chairman of the Cambridge University Conservative Association and President of the Cambridge Union Society in 1964. Corporate career Before entering Parliament he worked for N M Rothschild & Sons, the investment bank, and became director of Rothschild Asset Management. Lamont currently, in addition to his role as a working peer, is a director of and a consultant to various companies in the financial sector. He is a director o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gordon Brown
James Gordon Brown (born 20 February 1951) is a British former politician who served as Prime Minister of the United Kingdom and Leader of the Labour Party from 2007 to 2010. He previously served as Chancellor of the Exchequer in Tony Blair's government from 1997 to 2007, and was a Member of Parliament (MP) from 1983 to 2015, first for Dunfermline East and later for Kirkcaldy and Cowdenbeath. He is the most recent Labour politician as well as the most recent Scottish politician to hold the office of prime minister. A doctoral graduate, Brown studied history at the University of Edinburgh, where he was elected Rector in 1972. He spent his early career working as both a lecturer at a further education college and a television journalist. Brown was elected to the House of Commons in 1983 as the MP for Dunfermline East, later becoming the MP for Kirkcaldy and Cowdenbeath in 2005. He joined the Shadow Cabinet in 1989 as Shadow Secretary of State for Trade, and was later ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Tax In Scotland
Income tax in Scotland is a tax of personal income gained through employment. This is a tax controlled by the Scottish Parliament, and collected by the UK government agency HM Revenue & Customs. Since 2017, the Scottish Parliament has had the ability to set income tax rates and bands, apart from the personal allowance. Over the next couple of years, some modest differences developed between income tax rates in Scotland and those elsewhere in the UK. History When the devolved Scottish Parliament was set up in 1999, the Scottish Parliament had the power to vary the rate of income tax by 3% (in either direction) from the rates applied in the rest of the UK. This power was specifically authorised by the second question of the 1997 devolution referendum. In any event, no Scottish Government ever chose to use the variable rate, and left tax rates the same as they were in the rest of the UK. Following the passage of the Scotland Act 2012, the Scottish Parliament was given greate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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