Finance Act 1965: Difference between revisions
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The '''[[Finance Act]] 1965''' was an 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. |
The '''[[Finance Act]] 1965''' was an 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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==References== |
==References== |
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*{{UK-SLD|1171400}} |
*{{UK-SLD|1171400}} |
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[[Category:1965 in law]] |
[[Category:1965 in law]] |
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[[Category:United Kingdom Acts of Parliament 1965]] |
[[Category:United Kingdom Acts of Parliament 1965]] |
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Revision as of 22:20, 7 September 2008
The Finance Act 1965 was 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.
See also
- Finance Act
- United Kingdom corporation tax
- Taxation in the United Kingdom
- List of Acts of the United Kingdom Parliament
References
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