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In the United Kingdom, the value added tax (VAT) [1] was introduced in 1973, replacing Purchase Tax, and is the third-largest source of government revenue, after income tax and National Insurance. It is administered and collected by HM Revenue and Customs , primarily through the Value Added Tax Act 1994 .
UK income tax and National Insurance charges (2016–17) UK income tax and National Insurance as a percentage of taxable pay, and marginal income tax and NI rate (2016–17) Annual income percentiles for taxpayers in the UK, before and after income tax. In the SVG file, hover over a graph to highlight it.
A pension fund receiving a £1.2 m dividend income prior to the change would have been able to reclaim £400,000 in tax, giving a total income of £1.6 m. After the change, only £300,000 was reclaimable, reducing income to £1.5 m, a fall of 6.25%. [citation needed]
On 22 April 2009, the then Chancellor Alistair Darling announced in the 2009 Budget statement that starting in April 2010, those with annual incomes over £100,000 would see their Personal allowance reduced by £1 for every £2 earned over £100,000, until the Personal allowance was reduced to zero, which (in 2010–11) would occur at an income of £112,950.
Median income of people living in retired households increased by 1.1% (£300), while the median income of people living in non-retired households grew by 1.3% (£400). [ 2 ] In September 2023, Joseph Rowntree Foundation calculated that a single adult in the UK in 2023 needs at least £29,500 a year to have an acceptable standard of living, up ...
Graphs of residential stamp duty land tax and rates for individuals for before and after 4 December 2014. Stamp duty land tax (SDLT) is a tax on land transactions in England and Northern Ireland. It was introduced by the Finance Act 2003. It largely replaced stamp duty with effect from 1 December 2003.
A leaflet explaining the Community Charge (the so-called "poll tax"), Department of the Environment, April 1989. The Community Charge, commonly known as the poll tax, was a system of local taxation introduced by Margaret Thatcher's government whereby each taxpayer was taxed the same fixed sum (a "poll tax" or "head tax"), with the precise amount being set by each local authority.
The Income Tax (Trading and Other Income) Act 2005 (c 5) is an Act of the Parliament of the United Kingdom.. It restated certain legislation relating to income tax, with minor changes that were mainly intended "to clarify existing provisions, make them consistent or bring the law into line with well established practice."