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It is an administrative unit originally calculated partly from the power of the engine and used to calculate the amount of tax that may be due at the time of registration. The Citroën 2CV (two tax horsepower) was the car that kept such a name for the longest time. Its use in France dates from 1 January 1913.
It was accompanied by changes in legislation that relieved local authorities of some of their costs through new abilities to set weight and speed limits. The Road Fund was abolished on 1 April 1937 as a result of the Finance Act 1936, [ 11 ] and motoring taxation being treated as general taxation since that date.
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.
From 2010 a new first year rate is to be introduced – dubbed a showroom tax. This new tax was announced in the 2008 budget, and the level of tax payable will be based on the vehicle excise duty band, ranging from £0 for vehicles in the lower bands, up to £950 for vehicles in the highest band. [40] [41]
Under UK tax legislation, tax payers are obliged to notify HMRC when they have a liability to tax no later than 9 months after the end of the tax year in which they became liable. Depending on the circumstances and the tax owed, they may do this by registering for self assessment and completing a tax return by January 31.
Tax or fiscal horsepower is a non-linear rating of a motor vehicle for tax purposes. [20] Tax horsepower ratings were originally more or less directly related to the size of the engine; but as of 2000, many countries changed over to systems based on CO 2 emissions, so are not directly comparable to older ratings.
Dry weight is the weight of a vehicle without any consumables, passengers, or cargo. It is significantly less than the weight of a vehicle in a drivable condition and therefore rarely used. Quoting a dry weight can make a car's weight and power-to-weight figures appear far more favorable than those of rival cars using curb weight. [4] [5]
In the UK tax system, personal allowance is the threshold above which income tax is levied on an individual's income. A person who receives less than their own personal allowance in taxable income (such as earnings and some benefits) in a given tax year does not pay income tax; otherwise, tax must be paid according to how much is earned above this level.