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income tax

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ability to pay

ability to pay  

The principle that taxes should be levied on the basis of taxpayers' ability to pay. This normally leads to the view that as income or wealth increases, its marginal utility (its value to its owner) ...
basic rate of income tax

basic rate of income tax  

Reference type:
Overview Page
In the UK a rate of income tax below the higher rate. It is currently 20%, which is applied to the first £36,000 of taxable income (2008–09). See also higher rate of income tax; starting rate of ...
benefits in kind

benefits in kind  

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Overview Page
Benefits other than cash arising from employment. The UK tax legislation seeks to assess all earnings to tax, whether they be in the form of cash or in kind. The treatment of benefits depends on the ...
business taxation

business taxation  

Reference type:
Overview Page
Subject:
Law
There are two key questions arising in relation to the taxation of a business. First, who should be taxed and secondly, what should be the tax base?In relation to ...
chargeable event

chargeable event  

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Overview Page
Any transaction or event that gives rise to a liability to income tax or to capital gains tax.
chargeable gain

chargeable gain  

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Overview Page
In the UK, that part of a capital gain arising as a result of the disposal of an asset that is subject to taxation. Non-chargeable gains include: • gains resulting from proceeds that are taxable ...
charity

charity  

N.A body (corporate or not) established for one of the charitable purposes pecified by statute (see charitable trust). A charity is subject to the control of the High Court in the exercise of its ...
David Ricardo

David Ricardo  

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Overview Page
(1772–1823)British political economist who, with Adam Smith, founded British classical economics. In 1819–23 he was an MP, supporting Free Trade, a return to the gold standard, and the repeal of the ...
direct taxation

direct taxation  

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Overview Page
Taxation, the effect of which is intended to be borne by the person or organization that pays it. Economists distinguish between direct taxation and indirect taxation. The former is best illustrated ...
distribution of assets

distribution of assets  

Reference type:
Overview Page
Subject:
Law
When a company is subject to winding up (in liquidation) one of the most important actions that has to be undertaken is the distribution of the company's assets. If the ...
emoluments

emoluments  

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Overview Page
Amounts received from an office or employment including all salaries, fees, wages, perquisites, and other profits as well as certain expenses and benefits paid or provided by the employer, which are ...
employee share ownership plan

employee share ownership plan  

(Equities; UK).Scheme designed to increase employee participation in the firms in which they work by setting up a fund to buy ordinary shares in the company. The 1989 legislation was modelled on ...
European Community taxation

European Community taxation  

Reference type:
Overview Page
Subject:
Law
The European Community (‘EC’) has, subject to some limited exceptions, no power to levy taxes on businesses, individuals, or consumption within the Member States; and it is clear that, at ...
First National Bank of Boston v. Bellotti

First National Bank of Boston v. Bellotti  

Reference type:
Overview Page
Subject:
Law
435 U.S. 765 (1978), argued 9 Nov. 1977, decided 26 Apr. 1978 by vote of 5 to 4; Powell for the Court, Burger concurring, White, Brennan, Marshall, and Rehnquist in dissent. Reversing the highest ...
Fiscal and Monetary Powers

Fiscal and Monetary Powers  

Reference type:
Overview Page
Subject:
Law
Article I, section 8 of the Constitution authorizes Congress “To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general ...
higher rate of income tax

higher rate of income tax  

In the UK, a rate of income tax that is higher than the basic rate of income tax. For 2008–09 higher rate tax is payable on taxable income, after personal allowances and other allowances, of over ...
Howell E. Jackson

Howell E. Jackson  

Reference type:
Overview Page
Subject:
Law
Associate Justice, 1893–95• Born: Apr. 8, 1832, Paris, Tenn.• Education: West Tennessee College, B.A., 1849; University of Virginia, 1851–52; Cumberland University, 1856• Previous government service: ...
Hylton v. United States

Hylton v. United States  

Reference type:
Overview Page
Subject:
Law
• 3 Dall. 171 (1796)• Vote: 3–0• For the Court: Seriatim opinions by Iredell, Paterson, and Chase• Not participating: Cushing, Wilson, and Ellsworth• 3 Dall. 171 (1796)• Vote: 3–0[...]
Impact of Court Decisions

Impact of Court Decisions  

Reference type:
Overview Page
Subject:
Law
The Supreme Court's decisions potentially affect many people and in fact have considerable effects. The extent to which the Court does have impact—direct and indirect, short‐run and ...
income tax allowances

income tax allowances  

Reference type:
Overview Page
Allowances that may be deducted from a taxpayer’s gross income before calculating the liability to income tax. Every individual who is a UK resident is entitled to a personal allowance, the level of ...

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