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income from property of £10,000 or more before deducting allowable expenses or £2,500 or more after deducting allowable expenses; employment income on PAYE above £100,000; anyone living or working abroad or is not domiciled in the UK; having Capital Gains Tax to pay; anyone who owes tax and it can not be collected through the tax code.
Chargeable gains (or allowable losses) are calculated as gross proceeds, less direct selling costs, less base cost, less indexation allowance. Indexation allowance is base cost multiplied by the change in the Retail Prices Index movement between the month of purchase and month of sale. Indexation allowance cannot create or increase a loss.
Burmah Oil Co. Ltd., the full name of which is Inland Revenue Commissioners v. Burmah Oil Co. Ltd. , and its citation is [1982] S.T.C. 30, H.L.(Sc.). In summary, companies that had made substantial capital gains had entered into complex and self-cancelling series of transactions that had generated artificial capital losses , for the purpose of ...
Rental income on a property investment business (such as a buy to let property) is taxed as other savings income, after allowing deductions including mortgage interest. The mortgage does not need to be secured against the property receiving the rent, subject to a maximum of the purchase prices of the property investment business properties (or ...
Companies with investment business may deduct certain indirect expenses known as "expenses of management" when calculating their taxable profits. A similar relief is available for expenses of a life assurance company taxed on the I minus E basis which relate to the company's basic life assurance and general annuity business. [195]
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.
Property taxes are levied by either state government or local civic bodies. Property tax or 'house tax' is a local tax on buildings, along with appurtenant land. It is imposed on the Possessor (not the custodian of property as per 1978, 44th amendment of the constitution). It resembles the US-type wealth tax and differs from the excise-type UK ...
A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable ...