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At the time of its introduction in 1999, the reduced tax rate of 10% applied to incomes between £4,335 and £5,835 [5] (equivalent to £9,489 to £12,772 in 2023) and was the only income tax paid by 1.8 million of the lowest earners. [3] By early 2008, the 10% tax rate had been raised to apply to income between £5,225 and £7,455.
United States portal. v. t. e. An excess profits tax, EPT, is a tax on returns or profits which exceed risk-adjusted normal returns. The concept of excess profit is very similar to that of economic rent. [1] Excess profit tax can be imposed on individuals or corporations. [2] Excess profit taxes are usually imposed on monopolist industries.
The UK tax is set at 25% of taxable diverted profits (or 55% with respect to ring fence profits), and will raise about £350m annually by 2017–18, according to UK Treasury estimates. The Confederation of British Industry (CBI) described the effort to impose taxation on diverted profits as "a real concern for global business".
The radio-only licence was abolished on 1 February 1971, when it was £1-5s-0d (£1.25 in decimal UK currency) or the equivalent of £27.38 at 2023 prices. On 1 April 1991, the BBC took over the administration of television licensing in the UK, assuming the responsibility of licence fee collection and enforcement.
e. Motoring taxation in the United Kingdom consists primarily of vehicle excise duty (commonly known as VED, vehicle tax, car tax, and road tax), which is levied on vehicles registered in the UK, and hydrocarbon oil duty (normally referred to as fuel tax), which is levied on the fuel used by motor vehicles. VED and fuel tax raised approximately ...
A tax exile is a person who leaves a country to avoid the payment of income tax or other taxes. The term refers to an individual who already owes money to the tax authorities or wishes to avoid being liable in the future for taxation at what they consider high tax rates, instead choosing to reside in a foreign country or jurisdiction which has no taxes or lower tax rates.
t. e. A gross receipts tax or gross excise tax is a tax on the total gross revenues of a company, regardless of their source. A gross receipts tax is often compared to a sales tax; the difference is that a gross receipts tax is levied upon the seller of goods or services, while a sales tax is nominally levied upon the buyer (although both are ...