87 relations: Accounting, Accounting period, Accounting standard, Advance corporation tax, Anthony Barber, Appellate court, Arbitrage, Attlee ministry, Auditor, Budget, Capital gain, Capital gains tax, Cash flow, Companies House, Company, Company formation, Consortium, Controlled foreign corporation, Corporate tax, Corporation Tax Act 2010, Corporation tax in the Republic of Ireland, Court of Session, Derick Heathcoat-Amory, 1st Viscount Amory, Direct tax, Directive (European Union), Dividend, Dividend imputation, Double taxation, European Court of Justice, European Union, Finance Act 1965, Financial statement, Fiscal year, Frank Field (British politician), Generally Accepted Accounting Practice (UK), Geoffrey Howe, Gift Aid, Gordon Brown, Government of the United Kingdom, Group Litigation Order, High Court of Justice, HM Revenue and Customs, HM Treasury, Hugh Gaitskell, Income and Corporation Taxes Act 1988, Income tax, Income Tax (Earnings and Pensions) Act 2003, Income Tax (Trading and Other Income) Act 2005, Income Tax Act 2007, Insurance in the United Kingdom, ..., International Financial Reporting Standards, Judicial functions of the House of Lords, Justice ministry, Legal & General, Life insurance, Lloyd's of London, Member of parliament, Net income, Norman Lamont, Office of Public Sector Information, Oil well, Open-ended investment company, Parliament of the United Kingdom, PCTCT, Permanent establishment, Pound sterling, Profit (economics), Profits tax in Hong Kong, Public company, Scotland, Self-employment, Shareholder, Stock, Tax, Tax avoidance, Tax competition, Tax consolidation, Tax credit, Tax Law Rewrite Project, Taxation in the United Kingdom, The Sunday Times, Thin capitalisation, Transfer pricing, Unit trust, United Kingdom company law, United Kingdom Continental Shelf, Withholding tax. Expand index (37 more) » « Shrink index
Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations.
An accounting period, in bookkeeping, is the period with reference to which accounting books of any entity are prepared.
Financial statements prepared and presented by a company typically follow an external standard that specifically guides their preparation.
In the United Kingdom, the advance corporation tax (ACT) was part of a partial dividend imputation system introduced in 1973 under which companies were required to withhold tax on dividends before they were distributed to shareholders.
Anthony Perrinott Lysberg Barber, Baron Barber, TD, PC, DL (4 July 1920 – 16 December 2005) was a British Conservative politician who served as Chancellor of the Exchequer.
An appellate court, commonly called an appeals court, court of appeals (American English), appeal court (British English), court of second instance or second instance court, is any court of law that is empowered to hear an appeal of a trial court or other lower tribunal.
In economics and finance, arbitrage is the practice of taking advantage of a price difference between two or more markets: striking a combination of matching deals that capitalize upon the imbalance, the profit being the difference between the market prices.
Clement Attlee was invited by King George VI to form the Attlee ministry in the United Kingdom in July 1945, succeeding Winston Churchill as Prime Minister of the United Kingdom.
An auditor is a person or a firm appointed by a company to execute an audit.
A budget is a financial plan for a defined period of time, usually a year.It may also include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows.
A capital gain refers to profit that results from a sale of a capital asset, such as stock, bond or real estate, where the sale price exceeds the purchase price.
A capital gains tax (CGT) is a tax on capital gains, the profit realized on the sale of a non-inventory asset that was greater than the amount realized on the sale.
A cash flow describes a real or virtual movement of money.
Companies House is the United Kingdom's registrar of companies and is an executive agency and trading fund of Her Majesty's Government.
A company, abbreviated as co., is a legal entity made up of an association of people for carrying on a commercial or industrial enterprise.
Company formation is the term for the process of incorporation of a business in the UK.
A consortium is an association of two or more individuals, companies, organizations or governments (or any combination of these entities) with the objective of participating in a common activity or pooling their resources for achieving a common goal.
Controlled foreign corporation (CFC) rules are features of an income tax system designed to limit artificial deferral of tax by using offshore low taxed entities.
A corporate tax, also called corporation tax or company tax, is a direct tax imposed by a jurisdiction on the income or capital of corporations or analogous legal entities.
The Corporation Tax Act 2010 (c.4) is an Act of the Parliament of the United Kingdom that received Royal Assent on 3 March 2010.
With 80% of Irish corporation tax ("CT") coming from foreign multinationals, and 14 of Ireland's largest 20 companies being US-based, Ireland is considered to have an advanced corporation tax regime (12.5% rate, broad tax-treaty network, tax-free holding company regimes, advanced intellectual property/knowledge box regimes).
The Court of Session (Cùirt an t-Seisein; Coort o Session) is the supreme civil court of Scotland, and constitutes part of the College of Justice; the supreme criminal court of Scotland is the High Court of Justiciary.
Derick Heathcoat-Amory, 1st Viscount Amory,, (26 December 1899 – 20 January 1981) was a British Conservative politician and member of the House of Lords.
Though the actual definitions vary between jurisdictions, in general, a direct tax is a tax imposed upon a person or property as distinct from a tax imposed upon a transaction, which is described as an indirect tax.
A directive is a legal act of the European Union which requires member states to achieve a particular result without dictating the means of achieving that result.
A dividend is a payment made by a corporation to its shareholders, usually as a distribution of profits.
Dividend imputation is a corporate tax system in which some or all of the tax paid by a company may be attributed, or imputed, to the shareholders by way of a tax credit to reduce the income tax payable on a distribution.
Double taxation is the levying of tax by two or more jurisdictions on the same declared income (in the case of income taxes), asset (in the case of capital taxes), or financial transaction (in the case of sales taxes).
The European Court of Justice (ECJ), officially just the Court of Justice (Cour de Justice), is the supreme court of the European Union in matters of European Union law.
The European Union (EU) is a political and economic union of EUnum member states that are located primarily in Europe.
The Finance Act 1965 is an Act of the Parliament of the United Kingdom which introduced two major new UK taxes.
Financial statements (or financial report) is a formal record of the financial activities and position of a business, person, or other entity.
A fiscal year (or financial year, or sometimes budget year) is the period used by governments for accounting and budget purposes, which vary between countries.
Frank Ernest Field, (born 16 July 1942) is a British Labour Party politician who has been the Member of Parliament for Birkenhead since 1979.
Generally Accepted Accounting Practice in the UK, or UK GAAP, is the overall body of regulation establishing how company accounts must be prepared in the United Kingdom.
Richard Edward Geoffrey Howe, Baron Howe of Aberavon, (20 December 1926 – 9 October 2015), known from 1970 to 1992 as Sir Geoffrey Howe, was a British Conservative politician.
Gift Aid is a UK tax incentive that enables tax-effective giving by individuals to charities in the United Kingdom.
James Gordon Brown (born 20 February 1951) is a British politician who was Prime Minister of the United Kingdom and Leader of the Labour Party from 2007 to 2010.
The Government of the United Kingdom, formally referred to as Her Majesty's Government, is the central government of the United Kingdom of Great Britain and Northern Ireland.
A group litigation order (or GLO) is an order of a court in England and Wales, which permits a number of claims which give rise to common or related issues (of fact or law) to be managed collectively.
The High Court of Justice is, together with the Court of Appeal and the Crown Court, one of the Senior Courts of England and Wales.
Her Majesty's Revenue and Customs (HM Revenue and Customs or HMRC) is a non-ministerial department of the UK Government responsible for the collection of taxes, the payment of some forms of state support and the administration of other regulatory regimes including the national minimum wage.
Her Majesty's Treasury (HM Treasury), sometimes referred to as the Exchequer, or more informally the Treasury, is the British government department responsible for developing and executing the government's public finance policy and economic policy.
Hugh Todd Naylor Gaitskell (9 April 1906 – 18 January 1963) was a British politician and Leader of the Labour Party.
The Income and Corporation Taxes Act 1988, also known as ICTA, was the foremost United Kingdom Act of Parliament concerned with taxation until the Income Tax Act 2007 and the Corporation Tax Act 2010.
An income tax is a tax imposed on individuals or entities (taxpayers) that varies with respective income or profits (taxable income).
The Income Tax (Earnings and Pensions) Act 2003 (c 1) is an Act of the Parliament of the United Kingdom.
The Income Tax (Trading and Other Income) Act 2005 (c 5) is an Act of the Parliament of the United Kingdom.
The Income Tax Act 2007 is an Act of the Parliament of the United Kingdom.
Insurance in the United Kingdom, particularly long-term insurance, is divided into different categories.
International Financial Reporting Standards, usually called IFRS, are standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB) to provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.
The House of Lords, in addition to having a legislative function, historically also had a judicial function.
A justice ministry, ministry of justice, or department of justice is a ministry or other government agency in charge of the administration of justice.
Legal & General Group plc, commonly known as Legal & General, is a British multinational financial services company headquartered in London, United Kingdom.
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policy holder).
Lloyd's of London, generally known simply as Lloyd's, is an insurance market located in London, United Kingdom.
A member of parliament (MP) is the representative of the voters to a parliament.
In business, net income (total comprehensive income, net earnings, net profit, informally, bottom line) is an entity's income minus cost of goods sold, expenses and taxes for an accounting period.
Norman Stewart Hughson Lamont, Baron Lamont of Lerwick, PC (born 8 May 1942) is a British politician and former Conservative MP for Kingston-upon-Thames.
The Office of Public Sector Information (OPSI) is the body responsible for the operation of Her Majesty's Stationery Office (HMSO) and of other public information services of the United Kingdom.
An oil well is a boring in the Earth that is designed to bring petroleum oil hydrocarbons to the surface.
An open-ended investment company (abbreviated to OEIC, pron.) or investment company with variable capital (abbreviated to ICVC) is a type of open-ended collective investment formed as a corporation under the Open-Ended Investment Company Regulations 2001 in the United Kingdom.
The Parliament of the United Kingdom, commonly known as the UK Parliament or British Parliament, is the supreme legislative body of the United Kingdom, the Crown dependencies and overseas territories.
In the United Kingdom tax system, and more specifically for UK corporation tax purposes, PCTCT stands for "profits chargeable to corporation tax," a UK term for taxable profits.
A permanent establishment (PE) is a fixed place of business which generally gives rise to income or value-added tax liability in a particular jurisdiction.
The pound sterling (symbol: £; ISO code: GBP), commonly known as the pound and less commonly referred to as Sterling, is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha.
In economics, profit in the accounting sense of the excess of revenue over cost is the sum of two components: normal profit and economic profit.
In Hong Kong, profits tax is an income tax chargeable to business carried on in Hong Kong.
A public company, publicly traded company, publicly held company, publicly listed company, or public corporation is a corporation whose ownership is dispersed among the general public in many shares of stock which are freely traded on a stock exchange or in over the counter markets.
Scotland (Alba) is a country that is part of the United Kingdom and covers the northern third of the island of Great Britain.
Self-employment is the state of working for oneself rather than an employer.
A shareholder or stockholder is an individual or institution (including a corporation) that legally owns one or more shares of stock in a public or private corporation.
The stock (also capital stock) of a corporation is constituted of the equity stock of its owners.
A tax (from the Latin taxo) is a mandatory financial charge or some other type of levy imposed upon a taxpayer (an individual or other legal entity) by a governmental organization in order to fund various public expenditures.
Tax avoidance is the legal usage of the tax regime in a single territory to one's own advantage to reduce the amount of tax that is payable by means that are within the law.
Tax competition, a form of regulatory competition, exists when governments are encouraged to lower fiscal burdens to either encourage the inflow of productive resources or discourage the exodus of those resources.
Tax consolidation, or combined reporting, is a regime adopted in the tax or revenue legislation of a number of countries which treats a group of wholly owned or majority-owned companies and other entities (such as trusts and partnerships) as a single entity for tax purposes.
A tax credit is a tax incentive which allows certain taxpayers to subtract the amount of the credit they have accrued from the total they owe the state.
The Tax Law Rewrite Project of HM Revenue and Customs was a major effort to re-write the entire tax legislation of the United Kingdom in a format which is both more consistent and more understandable.
Taxation in the United Kingdom may involve payments to a minimum of three different levels of government: the central government (Her Majesty's Revenue and Customs), devolved governments and local government.
The Sunday Times is the largest-selling British national newspaper in the "quality press" market category.
A company is said to be thinly capitalised when the level of its debt is much greater than its equity capital, i.e. its gearing, or leverage, is very high.
In taxation and accounting, transfer pricing refers to the rules and methods for pricing transactions within and between enterprises under common ownership or control.
A unit trust is a form of collective investment constituted under a trust deed.
The United Kingdom company law regulates corporations formed under the Companies Act 2006.
The UK Continental Shelf (UKCS) is the region of waters surrounding the United Kingdom, in which the country has mineral rights.
A withholding tax, or a retention tax, is an income tax to be paid to the government by the payer of the income rather than by the recipient of the income.
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