Finance Act

From Wikipedia, the free encyclopedia

This article does not cite any references or sources. (August 2007)
Please help improve this article by adding citations to reliable sources. Unverifiable material may be challenged and removed.

In the UK, the Chancellor of the Exchequer delivers an annual Budget speech in March, outlining changes in spending, as well as tax and duty. The changes to tax and duty are passed as law, and each year form the respective Finance Act. For example, changes to the law as a result of Gordon Brown's 2004 Budget form the Finance Act 2004.

The rules governing the various taxation methods are contained within the relevant taxation acts. (For instance Capital Gains Tax Legislation is contained within Taxation of Chargeable Gains Act 1992. The Finance Act details amendments to be made to each one of these Acts. The main taxes are Excise Duties; Value Added Tax; Income Tax; Corporation Tax; and Capital Gains Tax.

[edit] Excise

Excise duties are inland duties levied on articles at the time of their manufacture.

Alcoholic liquor duties
- Alcoholic Liquor Duties Act 1979
Hydrocarbon oil duties
- Hydrocarbon Oil Duties Act 1979
Tobacco products duty
- Tobacco Products Duty Act 1979
Gaming duty
- Finance Act 1997 (rates of gaming duty)
Amusement machine licence duty
- Betting and Gaming Duties Act 1981
Vehicle excise duty
- Vehicle Excise and Registration Act 1994

[edit] Full title of the Act including pre-amble and enacting formula

An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with finance.

Most Gracious Sovereign

WE Your Majesty's most dutiful and loyal subjects the Commons of the United Kingdom in Parliament assembled, towards raising the necessary supplies to defray Your Majesty's public expenses and making an addition to the public revenue have freely and voluntarily resolved to give and grant unto Your Majesty the several duties hereinafter mentioned and do therefore most humbly beseech Your Majesty that it may be it enacted and be it enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same as follows.