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Encyclopedia > Inland Revenue

The Inland Revenue was, until April 2005, a department of the British Government responsible for the collection of direct taxation, including income tax, national insurance contributions, capital gains tax, inheritance tax, corporation tax, petroleum revenue tax and stamp duty. More recently, the Inland Revenue also administered the Tax Credits schemes (see [1]), whereby monies, such as Working Tax Credit (WTC) and Child Tax Credit (CTC), are paid by the Government into a recipient's bank account or as part of their wages. The Inland Revenue was also responsible for the payment of child benefit. The Government of the United Kingdom contains a number of Ministries, known in the United Kingdom as Government Departments. ... The United Kingdom is a unitary state and a democratic constitutional monarchy. ... A direct tax a tax that is collected directly by government from the persons (legal or natural) on which it is levied. ... An income tax is a tax levied on the financial income of persons or corporations. ... National insurance is a system of taxes, and related social security benefits, that has operated in the United Kingdom since its introduction in 1911, and wider extension by the government of Clement Attlee in 1946. ... In many jurisdictions, including the United States and the United Kingdom, a capital gains tax or CGT is charged on capital gains, that is the profit realised on the sale of an asset that was previously purchased at a lower price. ... Inheritance tax, also known in some countries outside the United States as a death duty and referred to as an estate tax within the U.S, is a form of tax imposed upon the transfer of the property of the estate of a deceased person that is left to a... Jim Callaghan, the Chancellor of the Exchequer who introduced corporation tax in 1965. ... Petroleum revenue tax (PRT) is a direct tax collected in the United Kingdom. ... Stamp duty is a form of tax that is levied on documents. ... // Working tax credit Working tax credit, or WTC, is a component of the current tax credits system in the United Kingdom - the related component being the Child tax credit, or CTC - which have both been in their current form since April 2003. ... A child tax credit is a tax credit based on the number of dependent children in a family. ... Child benefit (or childrens allowance) is a social security payment payable given to the parents or guardians of children. ...


The Inland Revenue was merged with HM Customs and Excise to form a new department, HM Revenue and Customs, with effect from 18 April 2005. However, it is still widely, if erroneously, known by British people as the legal tax department, and often referred to as "the Revenue". Her Majestys Customs and Excise (HMCE) was a department of the British Government in the UK. It was responsible for the collection of Value-added tax, Customs Duties, Excise Duties, and other indirect taxes such as Air Passenger Duty, Climate Change Levy, Insurance Premium Tax, Landfill Tax and Aggregates... Her Majestys Revenue and Customs (HMRC) is a new department of the British Government created by the merger of the Inland Revenue and Her Majestys Customs and Excise which came into formal effect on 18 April 2005. ... April 18 is the 108th day of the year in the Gregorian calendar (109th in leap years). ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ...


History of the Inland Revenue

The beginnings of the Inland Revenue date from 1665, when a Board of Taxes was set up following the introduction of special taxes to pay for the Second Anglo-Dutch War. A central organisation to supervise the collection of the special taxes was required. Events March 4 - Start of the Second Anglo-Dutch War. ... The Royal Prince and other vessels at the Four Days Fight, 11–14 June 1666 by Abraham Storck depicts a battle of the Second Anglo-Dutch War. ...


Taxes administered by the Board of Taxes included the land tax, first levied in 1692, together with an assortment of other assessed taxes, including taxes on houses, windows and dogs. Income tax was introduced in various forms in 1797, 1799, 1803 to 1816, and then reintroduced as an annual tax in 1842 which is formally renewed in each year's Finance Act. Events February 13 - Massacre of Glencoe March 1 - The Salem witch trials begin in Salem Village, Massachusetts Bay Colony with the charging of three women with witchcraft. ... The window tax was a glass tax which was an important social, cultural, and architectural force in the United Kingdom during the 17th and 18th centuries. ... 1797 was a common year starting on Sunday (see link for calendar). ... 1799 was a common year starting on Tuesday (see link for calendar). ... 1803 was a common year starting on Saturday (see link for calendar). ... 1816 was a leap year starting on Monday (see link for calendar). ... 1842 was a common year starting on Saturday (see link for calendar). ... In the UK, the Chancellor of the Exchequer delivers an annual Budget speech in March, outlining changes in spending, as well as tax and duty. ...


A separate Board of Stamps was created by the Stamps Act 1694. During the 18th and early 19th centuries, stamp duties were extended to cover newspapers, pamphlets, lottery tickets, apprentices' indentures, advertisements, playing cards, dice, hats, gloves, patent medicines, perfumes, insurance policies, gold and silver plate, hair powder and armorial bearings (coats of arms). (17th century - 18th century - 19th century - more centuries) As a means of recording the passage of time, the 18th century refers to the century that lasted from 1701 through 1800. ... Alternative meaning: Nineteenth Century (periodical) (18th century — 19th century — 20th century — more centuries) As a means of recording the passage of time, the 19th century was that century which lasted from 1801-1900 in the sense of the Gregorian calendar. ... A pamphlet is an unbound booklet (that is, without a hard cover or binding). ... A lottery is a popular form of gambling which involves the drawing of lots for a prize. ... If youre looking for the TV show, see The Apprentice. ... An Indentured servant is an unfree labourer under contract to work (for a specified amount of time) for another person, often without any pay, but in exchange for accommodation, food, other essentials and/or free passage to a new country. ... Generally speaking, advertising is the paid promotion of goods, services, companies and ideas by an identified sponsor. ... Some typical modern playing cards. ... Typical role-playing dice, showing a variety of colors and styles. ... There are many different styles of hat. ... A glove (Middle English from Old English glof) is a type of garment which covers the hand. ... Patent medicine is the term given to various medical compounds sold under a variety of names and labels, though they were for the most part actually trademarked medicines, not patented. ... Perfume is a mixture of fragrant essential oils and aroma compounds, fixatives, and solvents used to give the human body, objects, and living spaces a pleasant smell. ... Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. ... General Name, Symbol, Number gold, Au, 79 Chemical series transition metals Group, Period, Block 11, 6, d Appearance metallic yellow Atomic mass 196. ... General Name, Symbol, Number silver, Ag, 47 Chemical series transition metals Group, Period, Block 11, 5, d Appearance lustrous white metal Atomic mass 107. ... Plate has several meanings: A plate electrode in a vacuum tube. ... A modern coat of arms is derived from the medi val practice of painting designs onto the shield and outer clothing of knights to enable them to be identified in battle, and later in tournaments. ...


In June 1833, a single body of Commissioners was set up to merge the revenues of stamps and taxes. The Board of Taxes and the Board of Stamps were formally combined under the Land Tax Act 1834. 1833 was a common year starting on Tuesday (see link for calendar). ...


The Board of Inland Revenue was created under the Inland Revenue Board Act 1849, after the Board of Excise and the Board of Stamps and Taxes were amalgamated. Responsibility for excise taxes was transferred to the Board of Customs and Excise in 1909. The term excise has more than one legal meaning. ... Customs and Excise refers to customs duties and excise duties. ... 1909 (MCMIX) was a common year starting on Friday (see link for calendar). ...


The 2004 Budget included proposals to merge HM Customs and Excise with the Board of Inland Revenue to form a new department, HM Revenue & Customs (HMRC). The merger was implemented by the Commissioners for Revenue and Customs Act 2005 with effect from 18 April 2005. It has been designated the: International Year of Rice (by the United Nations) International Year to Commemorate the Struggle against Slavery and its Abolition (by UNESCO) 2004 World Health Day topic was Road Safety (by World Health Organization) Year of the Monkey (by the Chinese calendar) See the world in... Budget generally refers to a list of all planned expenses and revenues. ... Her Majestys Revenue and Customs (HMRC) is a new department of the British Government created by the merger of the Inland Revenue and Her Majestys Customs and Excise which came into formal effect on 18 April 2005. ... This Act of the United Kingdom Parliament combines the Inland Revenue and HM Customs and Excise into a single government department HM Revenue and Customs. ... April 18 is the 108th day of the year in the Gregorian calendar (109th in leap years). ... 2005 (MMV) was a common year starting on Saturday of the Gregorian calendar. ...


See also

On July 1, 1997, the Peoples Republic of China (PRC) resumed its exercise of sovereignty over Hong Kong, ending more than 150 years of British colonial control. ... Seal of the Internal Revenue Service The Internal Revenue Service (IRS) is the United States government agency that collects taxes and enforces the tax laws. ... Motto: E pluribus unum (1789 to present) (Latin: Out of Many, One) In God We Trust (1956 to present) Anthem: The Star-Spangled Banner Capital Washington, D.C. Largest city New York Official language(s) None at federal level; English de facto Government • President • Vice President Federal republic George W...

External links

  • HM Revenue & Customs
  • Records of the Boards of Stamps, Taxes, Excise, Stamps and Taxes, and Inland Revenue
  • History of tax

  Results from FactBites:
 
Inland Revenue - Wikipedia, the free encyclopedia (470 words)
The Inland Revenue was a department of the British Government responsible for the collection of direct taxation, including income tax, national insurance contributions, capital gains tax, inheritance tax, corporation tax, petroleum revenue tax and stamp duty.
More recently, the Inland Revenue have also administered the Tax Credits schemes, whereby monies are paid by the Government into a recipient's bank account or as part of their wage, such as Working Tax Credit and Child Tax Credit.
The Inland Revenue was merged with HM Customs and Excise to form a new department, HM Revenue and Customs, with effect from 18 April 2005.
Inland Revenue issue interpretation on the application of transfer pricing principles to employee share option and ... (1867 words)
The Revenue’s view is that the principles established in the Waterloo case are applicable to the new transfer pricing legislation in schedule 28AA ICTA 88, that they apply equally where a foreign parent company grants share options to employees of UK companies and to other share based incentive plans.
However, it is clear from the Bulletin that the Revenue are also attacking cases where there is an erosion of the UK tax base by foreign multinationals operating share option plans and making a recharge based on the full “spread” to the UK subsidiary.
In this case the Revenue may again seek to impute and tax arm’s length income arguing that such income is in relation to the provision of the share option plan and therefore not a capital receipt.
  More results at FactBites »

 
 

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