30外国税制 程黎 范信葵 (3)

Overview
❖ Taxation in the United Kingdom may involve payments to a minimum of two different levels of government: The central government (HM Revenue and Customs) and local government.
A pie chart showing the projected constituents of UK taxation receipts for the tax year 2010-2011
Explanation
❖ Income tax forms the bulk of revenues collected by the government. The second largest source of government revenue is National Insurance Contributions. The third largest source of government revenues is value added tax (VAT), and the fourthlargest is corporation tax.
shares) * stamp duty land tax (a duty on land transfers
❖ There are other taxes which are less important or specific to certain industries such as IPT (insurance premium tax) and PRT (petroleum revenue tax) and duties on such items as tobacco, alcohol and petrol.
❖ Calendar year - A calendar tax year is 12 consecutive months beginning January 1 and ending December 31.
❖ Fiscal year - A fiscal tax year is 12 consecutive months ending on the last day of any month except December. A 52-53-week tax year is a fiscal tax year that varies from 52 to 53 weeks but does not have to end on the last day of a month.
Tax system
❖ The main taxes in the UK are: * income tax * corporation tax * capital gains tax * NIC (National Insurance contributions, a payroll levy) * inheritance tax (on gifts and death transfers) * VAT (Value Added Tax - the main indirect tax) * stamp duty (a duty on certain transfers of assets, primarily
❖ A “tax year” is an annual accounting period for keeping records and reporting income and expenses. An annual accounting period does not include a short tax year. The tax years you can use are:
Chapter V
Taxation in the United Kingdom
Words and phrases
❖ 1. Domicile ❖ 2. Residence ❖ 3. HM Revenue and Customs ❖ 4. double tax treaty ❖ 5.fiscal year ❖ 6. tax year ❖ 7. personal allowance
❖ 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 and Wales, Council Tax and increasingly from fees and charges such as those from on-street parking.
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❖ A fiscal year (or financial year, or sometimes budget year) is a period used for calculating annual ("yearly") financial statements in businesses and other organizations. In many jurisdictions, regulatory laws regarding accounting and taxation require such reports once per twelve months, but do not require that the period reported on constitutes a calendar year (i.e., January through December). Fiscal years vary between businesses and countries. Fiscal year may also refer to the year used for income tax reporting.