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1986 United Kingdom Budget
The 1986 United Kingdom budget was delivered by Nigel Lawson, the Chancellor of the Exchequer, to the House of Commons on 18 March 1986. It was the third budget to be presented by Lawson, and saw the start of a programme of tax cuts initiated under the leadership of Conservative Prime Minister Margaret Thatcher. Lawson set the theme of his budget as "popular capitalism" and stated his wish to turn a nation of homeowners into a nation of shareholders. As well as a cut in the basic rate of income tax from 30% to 29%, there were other changes to taxation. 1986 was also the year the chancellor announced the launch of the Personal equity plan (PEP), a tax-exempt plan that would allow ordinary members of the public to invest up to £2,400 a year in equities. Labour leader Neil Kinnock, the leader of the Opposition, dismissed the budget as a "bits and pieces budget" that promised " jam tomorrow". Overview Lawson's idea with "popular capitalism" was to create a society "in which more a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of MPs Elected In The 1983 United Kingdom General Election
This is a list of members of Parliament (MPs) elected in the 1983 general election, held on 9 June. This Parliament was dissolved in 1987. During 1983–1987 Bernard Weatherill was the speaker, Margaret Thatcher served as Prime Minister, Michael Foot and Neil Kinnock served as Leaders of the Opposition. Composition These representative diagrams show the composition of the parties in the 1983 general election. Note: The Scottish National Party and Plaid Cymru sit together as a party group, while Sinn Féin has not taken its seats. This is not the official seating plan of the House of Commons, which has five rows of benches on each side, with the government party to the right of the speaker and opposition parties to the left, but with room for only around two-thirds of MPs to sit at any one time. __NOTOC__ By-elections See the list of United Kingdom by-elections. Two seats were vacant when Parliament was dissolved preparatory to the 1987 general election: *Kirkcaldy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Personal Equity Plan
A personal equity plan (PEP) was a form of tax-privileged investment account in the United Kingdom, available between 1986 and 1999. History The plans were introduced by Nigel Lawson in the 1986 budget to encourage equity ownership among the wider population. PEPs were allowed to contain collective investments such as unit trusts. The ''single company PEP'', which was allowed to contain shares of a single company, was introduced in 1992. PEPs were superseded by individual savings accounts in 1999, and remaining accounts were converted to individual savings accounts in 2008. Types and privileges Growth in a PEP was free from capital gains tax within the fund and on encashment. Income was free from income tax. When introduced in 1986, the fund was limited to £2,400 (annual allowance), but later increased to two types of PEP: the "general PEP" with an annual allowance of £6,000 and the "single company PEP" with an annual allowance of £3,000. Investments in a general PEP were ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom Budgets
United may refer to: Places * United, Pennsylvania, an unincorporated community * United, West Virginia, an unincorporated community Arts and entertainment Films * ''United'' (2003 film), a Norwegian film * ''United'' (2011 film), a BBC Two film * ''The United'' (film), an unreleased Arabic-language film Literature * ''United!'' (novel), a 1973 children's novel by Michael Hardcastle Music * United (band), Japanese thrash metal band formed in 1981 Albums * ''United'' (Commodores album), 1986 * ''United'' (Dream Evil album), 2006 * ''United'' (Marvin Gaye and Tammi Terrell album), 1967 * ''United'' (Marian Gold album), 1996 * ''United'' (Phoenix album), 2000 * ''United'' (Woody Shaw album), 1981 Songs * "United" (Judas Priest song), 1980 * "United" (Prince Ital Joe and Marky Mark song), 1994 * "United" (Robbie Williams song), 2000 * "United", a song by Danish duo Nik & Jay featuring Lisa Rowe * "United (Who We Are)", a song by XO-IQ, featured in the television ser ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1986 In British Politics
The year 1986 was designated as the International Year of Peace by the United Nations. Events January * January 1 ** Aruba gains increased autonomy from the Netherlands by separating from the Netherlands Antilles. ** Spain and Portugal enter the European Community, which becomes the European Union in 1993. * January 11 – The Sir Leo Hielscher Bridges, Gateway Bridge in Brisbane, Australia, at this time the world's longest prestressed concrete free-cantilever bridge, is opened. * January 13–January 24, 24 – South Yemen Civil War. * January 20 – The United Kingdom and France announce plans to construct the Channel Tunnel. * January 24 – The Voyager 2 space probe makes its first encounter with Uranus. * January 25 – Yoweri Museveni's National Resistance Army Rebel group takes over Uganda after leading a Ugandan Bush War, five-year guerrilla war in which up to half a million people are believed to have been killed. They will later use January 26 as the official date ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetarism
Monetarism is a school of thought in monetary economics that emphasizes the role of policy-makers in controlling the amount of money in circulation. It gained prominence in the 1970s, but was mostly abandoned as a direct guidance to monetary policy during the following decade because of the rise of inflation targeting through movements of the official interest rate. The monetarist theory states that variations in the money supply have major influences on national output in the short run and on price levels over longer periods. Monetarists assert that the objectives of monetary policy are best met by targeting the growth rate of the money supply rather than by engaging in discretionary monetary policy. Phillip Cagan, 1987. "Monetarism", '' The New Palgrave: A Dictionary of Economics'', v. 3, Reprinted in John Eatwell et al. (1989), ''Money: The New Palgrave'', pp. 195–205, 492–97. Monetarism is commonly associated with neoliberalism. Monetarism is mainly associated ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lawson Boom
The Lawson Boom was the macroeconomic conditions prevailing in the United Kingdom at the end of the 1980s, which became associated with the policies of Margaret Thatcher's Chancellor of the Exchequer, Nigel Lawson. The economic boom saw strong economic growth during the second half of the 1980s, sparking a sharp fall in unemployment, which was still in excess of 3 million at the end of 1986, but had fallen to 1.6 million (the lowest for some 10 years) by the end of 1989. The term ''Lawson Boom'' was used by analogy with the phrase "The Barber Boom", an earlier period of rapid expansion under the tenure as chancellor of Anthony Barber in the Conservative government of Edward Heath. In his 1987 and 1988 budgets, Lawson cut standard rate income tax from 29p to 25p and cut the top rate to 40p. He did this because he believed that the economy was slowing down to a more sustainable rate, and "projected a huge surplus that justified his income tax cuts". However, before long inflatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1988 United Kingdom Budget
The 1988 United Kingdom budget (sometimes referred to as the Giveaway budget) was delivered by Nigel Lawson, the Chancellor of the Exchequer, to the House of Commons on 15 March 1988. It was the fifth budget to be delivered by Lawson during his tenure as Chancellor, and marked major changes to taxation, with reductions in income tax and changes to inheritance tax rules, as well as changes to mortgage interest relief that prevented homebuyers from being able to pool mortgage allowances. The changes announced to mortgage relief ultimately helped to further fuel an ongoing property boom which led to a rise in inflation and an increase in interest rates. Due to frequent disruptions during the Chancellor's speech, Deputy Speaker Harold Walker was required to suspend proceedings in what was described as an outbreak of "grave disorder". Overview Lawson believed the UK economy was slowing to a sustainable rate, and forecast a budget surplus which would enable him to make significant ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1987 United Kingdom Budget
The 1987 United Kingdom budget was delivered by Nigel Lawson, the Chancellor of the Exchequer, to the House of Commons on 17 March 1987. It was the fourth budget to be presented by Lawson, and saw him announce tax cuts worth £2.6bn. He also forecast a £3bn reduction in government borrowing. Among his announcements were a reduction in the basic rate of income tax from 29% to 27%, and a reduction in Corporation Tax from 29% to 27%. The budget took place three months before the 1987 general election, which the Conservatives won. Neil Kinnock, leader of the Opposition Labour Party described it as a "bribes budget". Overview At 59 minutes, Nigel Lawson's 1987 budget speech was the shortest to be delivered since Benjamin Disraeli's 45-minute speech of 1867, and was the first of the two budgets that can be considered as part of the Lawson Boom. The chancellor claimed that the government had cut taxes and borrowing, while raising public spending. The tax cuts amounted to a total of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Family Credit
Family Credit (FC) was a social security benefit introduced by the Social Security Act 1986 (c. 50) for low-paid workers with children in Great Britain that replaced Family Income Supplement. The benefit was designed for families with children if at least one person is working more than 24 hours a week on average. That represented an exclusion with entitlement to Income Support. The work was to be intended to last at least five weeks. It was succeeded by Working Families' Tax Credit (WFTC) in 1999, which was later replaced by Working Tax Credit in 2003. Researchers - describing the successor WFTC as more generous - suggest WFTC led to stronger wage growth and employment over FC. Calculation These figures used the rates currently in 1997. There was a maximum credit for each family. One adult credit, regardless of whether there were one or two adults, was £47.65, plus an amount for each child that varied by age: £12.05 under 11, £19.95 from 11 to 15, £24.80 from 16 to 17 a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Family Income Supplement
Family Income Supplement was a means-tested benefit for working people with children introduced in Britain in 1970 by the Conservative government of Edward Heath, effective from August 1971. It was not intended to be a permanent feature of the social security system and was abolished by the Social Security Act 1986 (c. 50), which replaced it with Family Credit. Half of the amount by which the claimant's income fell below £15/week was paid, plus £2 for each additional child, to a maximum of £3/week (revised to £4/week). In addition, those in receipt were given entitlement to free school meals and passported to the NHS Low Income Scheme. Claimants were required to provide payslips to prove that they were in remunerative full-time work for a minimum of 30 hours per week, or 24 hours for single parents. In 1985, differential rates for children under 11, from 11 to 15 and over 16 were introduced. There was a maximum payment to prevent abuse from claimants or employers delibe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Excise
file:Lincoln Beer Stamp 1871.JPG, upright=1.2, 1871 U.S. Revenue stamp for 1/6 barrel of beer. Brewers would receive the stamp sheets, cut them into individual stamps, cancel them, and paste them over the Bunghole, bung of the beer barrel so when the barrel was tapped it would destroy the stamp. An excise, or excise tax, is any duty (economics), duty on manufactured goods (economics), goods that is normally levied at the moment of manufacture for internal consumption rather than at sale. It is therefore a fee that must be paid in order to consume certain products. Excises are often associated with customs duties, which are levied on pre-existing goods when they cross a designated border in a specific direction; customs are levied on goods that become taxable items at the ''border'', while excise is levied on goods that came into existence ''inland''. An excise is considered an indirect tax, meaning that the producer or seller who pays the levy to the government is expected to try ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inheritance Tax In The United Kingdom
In the United Kingdom, inheritance tax is a transfer tax. It was introduced with effect from 18 March 1986, replacing capital transfer tax. The UK has the fourth highest inheritance tax rate in the world, according to conservative think tank, the Tax Foundation, though only a very small proportion of the population pays it. 3.7% of deaths recorded in the UK in the 2020-21 tax year resulted in inheritance tax liabilities. History Prior to the introduction of estate duty by the Finance Act 1894, there was a complex system of different taxes relating to the inheritance of property, that applied to either realty (land) or personalty (other personal property): # From 1694, probate duty, introduced as a stamp duty on wills entered in probate in 1694, applying to personalty. # From 1780, legacy duty, an inheritance duty paid by the receiver of personalty, graduated according to consanguinity # From 1853, succession duty, a duty introduced by the Succession Duty Act 1853 ( 16 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
