Finance Act 1965

Finance Act 1965

Act of Parliament
Parliament of the United Kingdom
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Text of statute as originally enacted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

• Finance Act
• United Kingdom corporation tax
• Taxation in the United Kingdom

References

• Text of the Finance Act 1965 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk.