Finance Act
In the UK, the Chancellor of the Exchequer delivers an annual Budget speech on Budget Day, 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. Capital Gains Tax legislation, for example, 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.
Read more about Finance Act: Excise, Full Title of The Act Including Pre-amble and Enacting Formula
Famous quotes containing the words finance and/or act:
“There is an enormous chasm between the relatively rich and powerful people who make decisions in government, business, and finance and our poorer neighbors who must depend on these decisions to alleviate the problems caused by their lack of power and influence.”
—Jimmy Carter (James Earl Carter, Jr.)
“You are as still as a yardstick. You have a doll’s kiss.
The brain whirls in a fit. The brain is not evident.
I have gone to that same place without a germ or a stroke.
A little solo act that lady with the brain that broke.”
—Anne Sexton (1928–1974)