Inland Revenue one, taxpayers nil

Article Abstract:

Most of the proposals proffered by the Inland Revenue as contained in the consultative paper 'A Simpler System for Assessing Personal Tax' are expected to simplify tax collection methods. However, its recommendations on taxation of professionals and partnerships and on equity and practicalities may be problematic. Foremost of this is the concept of the current year basis which requires new unincorporated companies to pay tax in the tax year that covers the closing of its first accounting period but also compels them to pay tax on a full year's profit in the tax year when it stops doing business. The same rule applies to partners entering and leaving a partnership. Furthermore, the Inland Revenue also proposes the individual assessment of each partnership member based on their share of the profits instead of a grouped assessment of the firm. These are some of the suggestions contained in the consultative paper that are seen to further confuse hapless taxpayers.

United Kingdom, Planning, Taxation, Tax administration and procedure, Tax administration, Revenue

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A voluntary tax?

Article Abstract:

Issues concerning the nature of the stamp duty in the United Kingdom are discussed. Particular attention is given to types of investments and contracts qualifying for stamp duty, as well as types of penalties charged for avoidance of stamp duty.

Laws, regulations and rules, Stamp-duties, Stamp duties

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