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Pre-owned Asset Tax
In the United Kingdom, Her Majesty's Revenue and Customs acted against certain inheritance tax (IHT) avoidance schemes by imposing a standalone income tax charge. The tax was introduced in the Finance Act 2004 and came into effect from 6 April 2005. This has become known as pre-owned assets tax (POAT). POAT applies where an individual disposes of an asset In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that ca ... but somehow retains the ability to use or enjoy it. POAT is never applicable when IHT is; therefore, the media and public have granted the issue little attention. POAT is also a retroactive tax: even if an action had no IHT repercussions at the time, POAT may be applied years after the action. External links HMRC page on Income tax and pre-owned assets Income taxes Taxation i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HMRC
HM Revenue and Customs (His Majesty's Revenue and Customs, or HMRC) is a non-ministerial government department, non-ministerial Departments of the United Kingdom Government, department of the His Majesty's Government, UK Government responsible for the tax collection, collection of Taxation in the United Kingdom, taxes, the payment of some forms of Welfare state in the United Kingdom, state support, the administration of other regulatory Regime#Politics, regimes including the national minimum wage and the issuance of national insurance numbers. HMRC was formed by the merger of the Inland Revenue and HM Customs and Excise, which took effect on 18 April 2005. The department's logo is the St Edward's Crown enclosed within a circle. Prior to the Elizabeth II, Queen's death on 8 September 2022, the department was known as ''Her'' Majesty's Revenue and Customs and has since been amended to reflect the change of monarch. Departmental responsibilities The department is responsible for the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inheritance Tax (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. 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 applying to realty settlements, taking effect on the death of the settlor # From 1881, Account Duty applied as an anti-avoidance duty on lifetime gifts made to avoid paying Legacy Duty # From 1885, Corporation Duty applied to the annual value of certain property vested in corporate and uninc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Finance Act 2004
The Finance Act 2004 (c 12) is an Act of the Parliament of the United Kingdom. It prescribes changes to Excise Duties, Value Added Tax, Income Tax, Corporation Tax, and Capital Gains Tax. It enacts the 2004 Budget speech made by Chancellor of the Exchequer Gordon Brown to the Parliament of the United Kingdom. In the UK, the ''Chancellor'' delivers an annual Budget speech outlining changes in spending, tax and duty. The respective year's Finance Act is the mechanism to enact the changes. The rules governing the various taxation methods are contained within the various taxation Acts. (For instance Capital Gains Tax Legislation is contained within Taxation of Chargeable Gains Act 1992. The Finance Act details amendments to be made to each one of these Acts. Notable changes in the 2004 Act included changes to the taxation of UK pensions and provisions to reduce avoidance of inheritance tax. Pensions Taxation One of the main changes introduced by the Act was a change in the taxat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Asset
In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset). The balance sheet of a firm records the monetaryThere are different methods of assessing the monetary value of the assets recorded on the Balance Sheet. In some cases, the ''Historical Cost'' is used; such that the value of the asset when it was bought in the past is used as the monetary value. In other instances, the present fair market value of the asset is used to determine the value shown on the balance sheet. value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business. Assets can be grouped into two major classes: tangible assets and intangible assets. Tangible assets contain various subclasses ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Taxes
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] |
