Comparative tax systems - United States vs. Great Britain
Article Abstract:
The US and UK income tax systems have some similarities, but they do vary in the degree of progressivity and overall burden. Unlike in the US, taxes for social security and health care are integrated into the income tax. The top tax rate in the UK is reached at a much lower level of income than in the US. Taxes are computed in a similar fashion, with the sum of income from various sources being adjusted for allowances and deductions. One significant difference is that English tax law treats income earned by wives as the property of the husband, who is solely responsible for taxes.
Publication Name: The International Tax Journal
Subject: Business, international
ISSN: 0097-7314
Year: 1995
User Contributions:
Comment about this article or add new information about this topic:
Eliminating U.S. estate tax: the ultimate solution - quitting the United States
Article Abstract:
Abandoning US residence before death can greatly reduce an estate's US tax burden. Doing so involves a change of domicile and the subsequent establishment of domicile in a new nation. Any US property still held should be put into a foreign corporation, and US stock will still be taxed at US rates. Requirements for de-establishing residency in the US are discussed, as are the residency requirements and estate tax systems of Belize, the islands of Bermuda, the British Virgin Islands, the Cayman Islands, and the Netherland Antilles.
Publication Name: The International Tax Journal
Subject: Business, international
ISSN: 0097-7314
Year: 1995
User Contributions:
Comment about this article or add new information about this topic:
Comparative tax systems: United States vs. Great Britain - further developments
Article Abstract:
The US and UK taxation systems differ primarily in the handling of withholding taxes. The British use a pay-as-you-earn cumulative withholding system which eliminates the need for most tax returns through accurate calculations. The other major difference is that US taxpayers file self-assessed returns while UK taxes are officially assessed.
Publication Name: The International Tax Journal
Subject: Business, international
ISSN: 0097-7314
Year: 1995
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: The tiniest transplants. Courting abuse: memories "recovered" in therapy should not be allowed in court. A non-fatal inversion: gene therapy
- Abstracts: No factory is an island. Store of value: British institutions: Marks & Spencer. Toff factory: British institutions: Eton
- Abstracts: Market potential, investment climate. One country, two roads: infrastructure planning eludes the Pearl River delta
- Abstracts: Mr Mobile rides again. Mobile phones and pagers in Germany. Diffusion of mobile terminals in China
- Abstracts: In all good conscience. The competitive effects of exclusive dealing: evidence from the U.S. beer industry