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"Rates of Corporation Tax" (PDF). HMRC. March 2007. Archived from the original (PDF) on 9 June 2007; Metallgesellschaft Ltd and Others, Hoechst AG, Hoechst UK Ltd and Commissioners of Inland Revenue, H.M. Attorney General ECJ Cases C-397/98 and 410/98 (Joined cases)". European Court of Justice. 8 March 2001
This table reflects the removal of the 10% starting rate from April 2008, which also saw the 22% income tax rate drop to 20%. From April 2010, the Labour government introduced a 50% income tax rate for those earning more than £150,000. Income threshold for high taxation rate on income was decreased to £32,011 in 2013. [43]
Corporate tax rates generally are the same for differing types of income, yet the US graduated its tax rate system where corporations with lower levels of income pay a lower rate of tax, with rates varying from 15% on the first $50,000 of income to 35% on incomes over $10,000,000, with phase-outs.
The Corporation Tax Act 2010 (c.4) is an Act of the Parliament of the United Kingdom that received Royal Assent on 3 March 2010. It was first presented ( first reading ) in the House of Commons on 19 November 2009 and received its third reading on 4 February 2010. [ 2 ]
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.
The Schedular system and Schedules A and D still remain in force for corporation tax. The highest rate of income tax peaked in the Second World War at 99.25%. It was then slightly reduced and was around 90% through the 1950s and 1960s. [citation needed] In 1971 the top rate of income tax on earned income was cut to 75%.
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The tax rates given for federations ... 24.5%; 20% corporate tax plus a 4% Jehad tax plus a 0.5% tax on corporate income to pay for stamp duties [134] — — —