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An extra-statutory concession (or ESC) is a concept under United Kingdom tax law whereby HM Revenue and Customs grants certain concessions to taxpayers to mitigate their tax liabilities even though the relevant allowances would not strictly be allowed under the terms of the tax legislation.
A leaflet explaining the Community Charge (the so-called "poll tax"), Department of the Environment, April 1989. The Community Charge, commonly known as the poll tax, was a system of local taxation introduced by Margaret Thatcher's government whereby each taxpayer was taxed the same fixed sum (a "poll tax" or "head tax"), with the precise amount being set by each local authority.
From 1997 to 2022, no further windfall taxes were levied in the UK. However, calls were made for new ones. The Financial Times reported in January 2008 that the government was considering ways of maximising returns to the treasury from the sale of the troubled Northern Rock bank, which could include a windfall tax or the government taking an equity stake. [4]
1. Tax deduction - Tax deduction is a reduction of gross income. That in result reduce the size of taxable income. Tax deductions are a form of tax incentives. [6] The UK government's budget in March 2021 created a "super-deduction", whereby companies could claim 130% capital allowances on certain types of plant and machinery investment.
Whenever a transaction is made on the LSE or other London-based exchange that is greater than £10,000, the details of the transaction are passed on to the panel for their evaluation, and a levy is charged of (currently) £1.00 on the transaction, which goes to the panel as payment (known as the "PTM levy").
Glasgow councillors have backed the introduction of a new £1 levy on tickets for "mega-gigs" in the city - with the proceeds used to support small music venues. The levy would apply to the 12,000 ...
The Concessionary Bus Travel Act 2007 is an Act of the Parliament of the United Kingdom which entitles all people resident in England who are either disabled or over the age of 60 to free travel on local buses at off-peak times anywhere within England (transport being a devolved matter and therefore within the purview of the Scottish Parliament, Welsh Assembly and Northern Ireland Assembly ...
A woman who threw a McDonald's milkshake over Reform UK leader Nigel Farage during the general election campaign must pay him compensation and carry out unpaid community work.