Finance Act 1965: Difference between revisions
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'''The Finance Act 1965''' is an [[Act of Parliament|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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Revision as of 16:47, 28 March 2009
The Finance Act 1965 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.
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References
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