Capital Gains Tax (CGT) is a tax on the profit realized from the sale of certain types of assets, occurring at different rates depending on asset type and overall taxable income. This tax plays a significant role in tax planning for investors and businesses.
An exemption from capital gains tax that applies to gains from the disposal of chattels, which are items of movable personal property, provided their value is less than £6,000. It does not apply to wasting assets.
Council tax is a UK local government tax applied based on property valuation, replacing the community charge in 1993–94. It includes various rebates and exemptions depending on occupancy and income.
Deductions at Source, also known as withholding tax, involve a method of tax collection where a portion of income is deducted at the time of payment by the payer to ensure timely and efficient tax collection.
In the UK, General Commissioners are an unpaid local body of reputable individuals appointed to hear appeals against income tax, corporation tax, and capital gains tax assessments or related disputes.
A higher rate of income tax is applied to individuals with taxable income exceeding certain thresholds, different from the basic rate of income tax. In 2016-17, it was levied at 40% on income over £32,000, with an additional rate of 45% for income beyond £150,000.
Independent taxation is a system of personal taxation in which married women are treated as completely separate and independent taxpayers for both income tax and capital gains tax.
National Insurance Contributions (NIC) are payments made by employees and employers in the UK primarily to qualify for certain benefits and state pensions.
A scheme for the self-assessment of tax by companies introduced in the UK for all companies with an accounting period ending after 1 July 1999. This includes the timely submission of tax returns and payment of tax liabilities.
The starting rate of income tax was a former rate of income tax in the UK, set below the basic rate of income tax. It replaced the lower rate in 1999 and was abolished in April 2008.
Under the UK taxation system, a tax month runs from the 6th day of one month to the 5th day of the following month. This ensures that there are 12 complete tax months in the fiscal year.
