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This is an incomplete list of Acts of the Parliament of the United Kingdom for the years 1980-1999. For acts passed prior to 1707 see List of Acts of Parliament of the English Parliament and List of Acts of Parliament of the Scottish Parliament.
For Acts of the Scottish Parliament passed since the establishment of the modern version in 1999 also see the list of Acts of Parliament of the Scottish Parliament. For Acts of the Northern Ireland Assembly see List of Acts of the Northern Ireland Assembly and for Acts of the Northern Ireland Parliament see List of Acts of the Northern Ireland Parliament.
The numbers after the titles of the acts are the chapter numbers. Before 1962, acts were generally referenced using 'Year of reign', 'Monarch', c., 'Chapter number' — e.g. 16 Charles II c. 2 — to define a chapter of the appropriate statute book. Since 1962, the regnal year has been replaced by the calendar year, including in references to Acts before 1962. All recent Acts have a short title, or citation (e.g. Local Government Act 2003, National Health Service Act 1974). After 1948, Private Acts were renamed Personal Acts.
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The Taxation of Chargeable Gains Act 1992 is an Act of Parliament which governs to levying of capital gains tax in the United Kingdom. Capital gains tax is a tax charged on the increase in the capital value of an asset between purchase and sale of that asset.
The tax operates under two different regimes for a natural person and a body corporate. For a natural person the tax is levied at a rate determined by the highest rate of income tax which that person pays. If the person is a higher-rate tax payer then the higher rate of income tax (currently 40%) is charged on the gain. The rates of capital gains tax are the same as those for earned income. Each year a natural person has an amount of gain which is exempt from tax. Bodies corporate by contrast have capital gains tax charged as additional corporation tax. The chargeable gain is treated as additional profits for the accounting period in question. Bodies corporate have no allowance for gains free form tax.
Various reliefs from capital gains tax exist. These include indexation relief, where the amount of gain subject to tax is reduced by factoring in general price inflation and taper relief where set percentages of the gain are exempt from tax if the asset has been held for a certain length of time.
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The Income and Corporation Taxes Act 1988, also known as ICTA, is the foremost United Kingdom Act of Parliament concerned with taxation. ICTA was enacted in order to consolidate a number of earlier legislative provisions covering taxation. Originally, ICTA primarily covered income tax (paid principally by individuals) and corporation tax (paid principally by companies).
Following the tax law rewrite project, sections relating to income tax have been substituted by the Income Tax (Earnings and Pensions) Act 2003, the Income Tax (Trading and Other Income) Act 2005 and the Income Tax Act 2007. Notably, these Acts have abolished the schedular system of taxation for income tax; however, the schedular system still applies for the purposes of corporation tax.
ICTA has also been frequently amended by the Finance Acts that are enacted annually in the UK.
These plans were often known as section 620 plans or section 226 plans in relation to Income and Corporation Taxes Act 1970
The Malicious Communications Act 1988 is a British Act of Parliament that makes it illegal in England and Wales to "send or deliver letters or other articles for the purpose of causing distress or anxiety".
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: Throughout this article, the unqualified term "pound" and the £ symbol refer to the United Kingdom pound. Corporation tax is a tax levied in the United Kingdom on the profits made by companies and on the profits of permanent establishments of non-UK resident companies and associations that trade in the EU. Prior to the tax's enactment on 1 April 1965, companies and individuals paid the same income tax, with an additional profits tax levied on companies. The Finance Act 1965<ref name="FA 65"></ref> replaced this structure for companies and associations with a single corporate tax, which borrowed its basic structure and rules from the income tax system. Since 1997, the UK's Tax Law Rewrite project<ref name="rewrite">Tax Law Rewrite, Her Majesty's Revenue and Customs (HMRC), retrieved 17 April 2007</ref> has been modernising the UK's tax legislation, starting with income tax, while the legislation imposing corporation tax has itself been amended; the rules governing income tax and corporation tax have thus diverged. Corporation tax is governed by the Income and Corporation Taxes Act 1988 (as amended).<ref name="ICTA 88">[[Income and Corporation Taxes Act 1988] (c. 1)], Office of Public Sector Information, responsible for the operation of Her Majesty's Stationery Office (HMSO), ISBN 0105401889</ref>Most income tax rules have been rewritten in the Income Tax (Earnings and Pensions) Act 2003, Income Tax (Trading and Other Income) Act 2005, and Income Tax Act 2007.
Originally introduced as a classical tax system, in which companies were subject to tax on their profits and companies' shareholders were also liable to income tax on the dividends that they received, the first major amendment to corporation tax saw it move to an imputation system in 1973, under which an individual receiving a dividend became entitled to an income tax credit representing the corporation tax already paid by the company paying the dividend. The classical system was reintroduced in 1999, with the abolition of advance corporation tax and of repayable dividend tax credits. Another change saw the single main rate of tax split into three. Tax competition between jurisdictions has reduced the main rate to 30%, and the main rate is planned to reduce to 28% from April 2008.<ref name="Rates"/>
The UK government has faced problems with its corporate tax structure, including European Court of Justice judgements that aspects of it are incompatible with European Union treaties.<ref name="Hoechst"/> Tax avoidance schemes marketed by the financial sector have also proven an irritant, and been countered by complicated anti-avoidance legislation.
The complexity of the corporation tax system is a recognised issue. The Labour government, supported by the Opposition parties, has expressed its commitment to wide-scale reform. The tax has slowly been integrating generally accepted accounting practice, with the corporation tax system in various specific areas based directly on the accounting treatment. Corporation tax is the next area scheduled to be tackled by the Tax Law Rewrite project, with a draft Bill due.
The following is a timeline of the Brazilian economic stabilization plans in the "new Republic" (post-military dictatorship) era, a period characterized by intense inflation of the local currency, exceeding 2,700% in the period of 1989 to 1990.
This period was marked by intense economic experimentation (including many forms of economic heterodox shocks) and, as a whole, comprises a unique case study on macroeconomics.
* March 1, 1986: Plano Cruzado (president: José Sarney, finance minister: Dilson Funaro) * November 21, 1986: Plano Cruzado II (president: José Sarney, finance minister: Dilson Funaro) * April 29, 1987: Plano Bresser (president: José Sarney, finance minister: Luiz Carlos Bresser Prereira) * January 6, 1988: Política Feijão com Arroz (president: José Sarney, finance minister: Maílson da Nóbrega) * January 15, 1989: Plano Cruzado Novo (president: José Sarney, finance minister: Maílson da Nóbrega) * March 15, 1990: Plano Collor, a.k.a. "Plano Brasil Novo" and Plano Collor II (president: Fernando Collor de Mello, finance minister: Zélia Cardoso de Mello) * July 1, 1994: Plano Real (president: Itamar Franco, finance minister: Fernando Henrique Cardoso)
The Collor Plan (), is the name given to a collection of economic reforms and inflation-stabilization plans carried out during the presidency of Fernando Collor de Mello of Brazil, between 1990 and 1992. The plan was officially called New Brazil Plan (Portuguese:Plano Brasil Novo), but it became closely associated with Collor himself, with "Plano Collor" becoming its de facto name.
The Collor plan combined fiscal and trade liberalization with radical inflation stabilization measures.<ref name="locecon">Welch, John H. Birch, Melissa. Smith, Russell.ECONOMICS: BRAZIL. Library of Congress. December 30, 2004. Retrieved on September 8, 2007.</ref> The main inflation stabilization was coupled with an industrial and foreign trade reform program, the Industrial and Foreign Trade Policy (English: Política Industrial e de Comércio Exterior), better known as PICE, and a privatization program dubbed the "National Privatization Program" (Portuguese: Programa Nacional de Desestatização), better known as the PND.
The plan's economic theory was previously laid out by economists Zelia Cardoso de Mello, Antônio Kandir, Álvaro Zini and Fábio Giambiagi<ref name="locecon" />. The actual plan to be implemented was written by Antônio Kandir and economists Ibrahim Eris, Venilton Tadini, Luís Otávio da Motta Veiga, Eduardo Teixeira and João Maia.<ref name="genesis">Carvalho, Calos Eduardo. As origens e a gênese do Plano Collor. Nova Economia. Vol.16 No.1. Belo Horizonte. January-April 2006. Retrieved on September 8, 2007.</ref>
The plan was announced on March 16, 1990, one day after Collor's inauguration.<ref name="genesis" /> Its intended policies included: <ref name="IPEA">Villela, Anibal. The Collor Plan and the Industrial and Foreign Trade Policy. Institute of Applied Economic Research. 1997. Retrieved September 8, 2007.</ref> * Replacement of the existing currency, the Cruzado Novo by the Cruzeiro at a parity exchange rate (Cr$ 1.00 = NCz$ 1000.00) * The freezing of 80% of private assets for 18 months (receiving the prevailing rate of inflation plus 6% in interest while frozen) * An extremely high tax on all financial transaction * Indexation of taxes * Elimination of most fiscal incentives * Increase in the prices charges by public utilities * The adoption of a floating exchange rate * Gradual economic opening to foreign competition * Temporary freeze of wages and prices * The extinction of several government agencies, with plans for a reduction of over 300 thousand government employees * Stimulus of privatization and the beginning of a deregulation of the economy
The substantial shareholdings exemption is an exemption from assessment of capital gains under corporation tax applicable to United Kingdom companies. The exemption is found in Schedule 7AC of the Taxation of Chargeable Gains Act 1992.
The rationale for the exemption is that groups of companies should be able to restructure without having to concern themselves with taxation of capital gains.
Similar provisions apply in jurisdictions such as the Netherlands, which has a participation exemption.