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United Kingdom Corporation Tax
: ''Throughout this article, the term "pound" and the £ symbol refer to the Pound sterling.'' Corporation tax in the United Kingdom is a corporate tax levied in on the Profit (economics), profits made by UK-resident Company (law), companies and on the profits of entities registered overseas with permanent establishments in the UK. Until 1 April 1965, companies were taxed at the same Taxation in the United Kingdom#Income tax, income tax rates as individual taxpayers, with an additional profits tax levied on companies. Finance Act 1965 replaced this structure for companies and associations with a single corporate tax, which took its basic structure and rules from the income tax system. Since 1997, the UK's Tax Law Rewrite ProjectTax Law Rewrite , Her Majesty's Revenue and Customs (HMRC). Retrieved 17 April 2007 has been modernising the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pound Sterling
Sterling (symbol: £; currency code: GBP) is the currency of the United Kingdom and nine of its associated territories. The pound is the main unit of sterling, and the word '' pound'' is also used to refer to the British currency generally, often qualified in international contexts as the British pound or the pound sterling. Sterling is the world's oldest currency in continuous use since its inception. In 2022, it was the fourth-most-traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Together with those three currencies and the renminbi, it forms the basket of currencies that calculate the value of IMF special drawing rights. As of late 2022, sterling is also the fourth most-held reserve currency in global reserves. The Bank of England is the central bank for sterling, issuing its own banknotes and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Sterling banknotes issu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shareholder
A shareholder (in the United States often referred to as stockholder) of corporate stock refers to an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the legal owner of shares of the share capital of a public or private corporation. Shareholders may be referred to as members of a corporation. A person or legal entity becomes a shareholder in a corporation when their name and other details are entered in the corporation's register of shareholders or members, and unless required by law the corporation is not required or permitted to enquire as to the beneficial ownership of the shares. A corporation generally cannot own shares of itself. The influence of shareholders on the business is determined by the shareholding percentage owned. Shareholders of corporations are legally separate from the corporation itself. They are generally not liable for the corporation's debts, and the shareholders ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Derick Heathcoat-Amory
Derick Heathcoat-Amory, 1st Viscount Amory ( ; 26 December 1899 – 20 January 1981) was a British Conservative politician and member of the House of Lords. He served as Chancellor of the Exchequer between 1958 and 1960, and later as Chancellor of the University of Exeter from 1972 until his death in 1981. Background and education Derick Heathcoat-Amory was born in London on 26 December 1899, the son of Sir Ian Heathcoat-Amory, 2nd Baronet (see Heathcoat-Amory baronets) and Alexandra Georgina ( OBE; who d. 1942), eldest daughter of Vice-Admiral Henry Seymour CB (brother of Francis, 5th Marquess of Hertford GCB). He was educated at Ludgrove School followed by Eton College and Christ Church, Oxford, receiving an MA degree. His great-nephews include the Rt Hon David Heathcoat-Amory and Sir Ian Heathcoat-Amory, 6th and present baronet. A great-aunt was the sculptor Princess Victor of Hohenlohe-Langenburg, Countess von Gleichen. Career Heathcoat-Amory was elected a Devon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hugh Gaitskell
Hugh Todd Naylor Gaitskell (9 April 1906 – 18 January 1963) was a British politician who was Leader of the Labour Party (UK), Leader of the Labour Party and Leader of the Opposition (United Kingdom), Leader of the Opposition from 1955 until his death in 1963. An economics lecturer and wartime Civil Service (United Kingdom), civil servant, he was elected to Parliament in 1945 United Kingdom general election, 1945 and held office in Clement Attlee's governments, notably as Minister of Fuel and Power following the Winter of 1946–47 in the United Kingdom, bitter winter of 1946–47, and eventually joining the Cabinet of the United Kingdom, Cabinet as Chancellor of the Exchequer. Facing the need to increase military spending in 1951, he imposed National Health Service charges on dentures and spectacles, prompting the leading left-wing politics, left-winger Aneurin Bevan to resign from the Cabinet. The perceived similarity in his outlook to that of his Conservative Party (UK), Co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Attlee Ministry
Clement Attlee was invited by King George VI to form the first Attlee ministry in the United Kingdom on 26 July 1945, succeeding Winston Churchill as prime minister of the United Kingdom. The Labour Party (UK), Labour Party had won a landslide victory at the 1945 United Kingdom general election, 1945 general election, and went on to enact policies of what became known as the post-war consensus, including the establishment of the welfare state and the nationalisation of 20 per cent of the entire economy. The government's spell in office was marked by post-war austerity measures; the crushing of pro-independence and communist movements Malayan Emergency, in Malaya; the grant of Indian Independence Act 1947, independence to India, Pakistan, Ceylon, and Burma; the engagement in the Cold War against Soviet Communism; and the creation of the country's National Health Service (NHS). Attlee went on to win a narrow majority at the 1950 United Kingdom general election, 1950 general electi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James Callaghan
Leonard James Callaghan, Baron Callaghan of Cardiff ( ; 27 March 191226 March 2005) was a British statesman and Labour Party (UK), Labour Party politician who served as Prime Minister of the United Kingdom from 1976 to 1979 and Leader of the Labour Party (UK), Leader of the Labour Party from 1976 to 1980. Callaghan is the only person to have held all four Great Offices of State, having also served as Chancellor of the Exchequer from 1964 to 1967, Home Secretary from 1967 to 1970 and Foreign Secretary (United Kingdom), Foreign Secretary from 1974 to 1976. He was a Member of Parliament (United Kingdom), Member of Parliament (MP) from 1945 to 1987. Born into a working-class family in Portsmouth, Callaghan left school early and began his career as a tax inspector, before becoming a trade union official in the 1930s. He served as a Lieutenant (navy), lieutenant in the Royal Navy during the Second World War. He was elected to Parliament of the United Kingdom, Parliament at the 1945 U ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Generally Accepted Accounting Practice
Publicly traded companies typically are subject to rigorous standards. Small and midsized businesses often follow more simplified standards, plus any specific disclosures required by their specific lenders and shareholders. Some firms operate on the cash method of accounting which can often be simple and straightforward. Larger firms most often operate on an accrual basis. Accrual basis is one of the fundamental accounting assumptions, and if it is followed by the company while preparing the financial statements, then no further disclosure is required. Accounting standards prescribe in considerable detail what accruals must be made, how the financial statements are to be presented, and what additional disclosures are required. The term ''generally accepted accounting principles'' (GAAP) was popularized in the late 1930s. Some important elements that accounting standards cover include identifying the exact entity which is reporting, discussing any "going concern" questions, specify ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporation Tax Act 2010
The Corporation Tax Act 2010 (c.4) is an Act of the Parliament of the United Kingdom that received Royal Assent on 3 March 2010. It was first presented (first reading) in the House of Commons on 19 November 2009 and received its third reading on 4 February 2010. It was first read in the House of Lords on 4 February 2010 and received its second and third readings on 2 March 2010. Overview Section 1 of the Act gives a summary of the contents of the 2010 Act, and the changes it made, primarily to the Income and Corporation Taxes Act 1988 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 .... References External linksCorporation Tax Act 2010 on legislation.gov.uk United Kingdom Acts of Parliament 2010 Tax legislation in the United Kingdom {{UK-statute-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Avoidance
Tax avoidance is the legal usage of the tax regime in a single territory to one's own advantage to reduce the amount of tax that is payable. A tax shelter is one type of tax avoidance, and tax havens are jurisdictions that facilitate reduced taxes. Tax avoidance should not be confused with tax evasion, which is illegal. Forms of tax avoidance that use legal tax laws in ways not necessarily intended by the government are often criticized in the court of public opinion and by journalists. Many businesses pay little or no tax, and some experience a backlash (sociology), backlash when their tax avoidance becomes known to the public. Conversely, benefiting from tax laws in ways that were intended by governments is sometimes referred to as tax planning. The World Bank's World Development Report 2019 on the future of work supports increased government efforts to curb tax avoidance as part of a new social contract focused on human capital investments and expanded social protection. "T ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Court Of Justice
The European Court of Justice (ECJ), officially the Court of Justice (), is the supreme court of the European Union in matters of European Union law. As a part of the Court of Justice of the European Union, it is tasked with interpreting EU law and ensuring its uniform application across all EU member states under Article 263 of the Treaty of the Functioning of the European Union (TFEU). The Court was established in 1952, and is based in Luxembourg. It is composed of one judge per Member State – currently – although it normally hears cases in panels of three, five or fifteen judges. The Court has been led by president Koen Lenaerts since 2015. The ECJ is the highest court of the European Union in matters of Union law, but not national law. It is not possible to appeal against the decisions of national courts in the ECJ, but rather national courts refer questions of EU law to the ECJ. However, it is ultimately for the national court to apply the resulting interpre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Government
His Majesty's Government, abbreviated to HM Government or otherwise UK Government, is the central government, central executive authority of the United Kingdom of Great Britain and Northern Ireland.Overview of the UK system of government : Directgov – Government, citizens and rights Archived direct.gov.uk webpage. Retrieved on 29 August 2014. The government is led by the Prime Minister of the United Kingdom, prime minister (Keir Starmer since 5 July 2024) who appoints all the other British Government frontbench, ministers. The country has had a Labour Party (UK), Labour government since 2024 United Kingdom general election, 2024. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Competition
Tax competition, a form of regulatory competition, exists when governments use reductions in fiscal burdens to encourage the inflow of productive resources or to discourage the exodus of those resources. Often, this means a governmental strategy of attracting foreign direct investment, foreign indirect investment (financial investment), and high value human resources by minimizing the overall taxation level and/or special tax preferences, creating a comparative advantage. Scholars generally consider economic development incentives to be inefficient, economically costly, and distortionary. History From the mid-1900s governments had more freedom in setting their taxes, as the barriers to free movement of capital and people were high. The gradual process of globalization is lowering these barriers and results in rising capital flows and greater manpower mobility. Impact According to a 2020 study, tax competition "primarily reduces taxes for mobile firms and is unlikely to substanti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
