Finance Act 1965: Difference between revisions
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| long_title = An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance. |
| long_title = An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance. |
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| year = 1965 |
| year = 1965 |
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| citation = 1965 c. 25 |
| citation = [[List of acts of the Parliament of the United Kingdom from 1965|1965]] c. 25 |
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The '''Finance Act 1965''' (c. 25) is an [[Act of Parliament| |
The '''Finance Act 1965''' (c. 25) is an [[Act of Parliament (UK)|act]] of the [[Parliament of the United Kingdom]] which introduced two major new UK taxes. [[United Kingdom corporation tax|Corporation tax]] created a separate system for taxing the income of corporations, where previously they had paid [[income tax]] in the same way as private individuals. [[Capital gains tax]] is charged on the disposal of assets, and is based on any "real gain" made from the disposal. If the income comes within income tax, capital gains is not chargeable. Capital gains tax does not apply to corporations, but an identical provision, known as chargeable gains, is included in corporation tax. |
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It was criticised by the founders of the [[Institute for Fiscal Studies]]. |
It was criticised by the founders of the [[Institute for Fiscal Studies]]. |
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Latest revision as of 19:44, 13 December 2023
| Act of Parliament | |
 | |
| Long title | An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance. |
|---|---|
| Citation | 1965 c. 25 |
| Dates | |
| Royal assent | 5 August 1965 |
Status: Current legislation | |
| Text of statute as originally enacted | |
| Text of the Finance Act 1965 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. | |
The Finance Act 1965 (c. 25) is an act of the Parliament of the United Kingdom which introduced two major new UK taxes. Corporation tax created a separate system for taxing the income of corporations, where previously they had paid income tax in the same way as private individuals. Capital gains tax is charged on the disposal of assets, and is based on any "real gain" made from the disposal. If the income comes within income tax, capital gains is not chargeable. Capital gains tax does not apply to corporations, but an identical provision, known as chargeable gains, is included in corporation tax.
It was criticised by the founders of the Institute for Fiscal Studies.
See also
[edit]References
[edit]- Text of the Finance Act 1965 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk.
 | This legislation in the United Kingdom, or its constituent jurisdictions, article is a stub. You can help Wikipedia by expanding it. |