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In the 2009 Budget, the Chancellor extended this "stamp duty holiday" until the end of 2009. [23] In the 2010 budget, the chancellor ended stamp duty on homes under £250,000 for first-time buyers for a two-year period, while introducing a new 5% rate for properties over £1,000,000.
The National Minimum Wage Act 1998 (c. 39) creates a minimum wage across the United Kingdom. [2] From 1 April 2024, the minimum wage is £11.44 per hour for people aged 21 and over, £8.60 for 18- to 20-year-olds, and £6.40 for 16- to 17-year-olds and apprentices aged under 19 or in the first year of their apprenticeship. [3]
For example, under the United States system each corporation must maintain a calculation of its earnings and profits (a tax concept similar to retained earnings). [45] A distribution to a shareholder is considered to be from earnings and profits to the extent thereof unless an exception applies. [ 46 ]
Discounts are reductions applied to the basic sale price of goods or services. Allowances against price may have a similar effect . Discounting practices operate within both business-to-business and business-to-consumer contexts. [1]
In 2015, the HMRC set up a dedicated "adult entertainment task force" to collect unpaid income tax from, among others, online escort agencies. [12] The sex trade in the UK takes diverse forms, including street prostitution, escort prostitution and prostitution conducted from premises.