The Finance Act 2007 is an Act of the Parliament of the United Kingdom prescribing changes to Excise Duties, Value Added Tax, Income Tax, Corporation Tax and Capital Gains Tax. It enacts the Budget of 21 March 2007.
In the UK, the Chancellor delivers an annual Budget speech outlining changes in spending, tax and duty. The respective year's Finance Act is the mechanism to enact the changes.
The rules governing the various taxation methods are contained within the relevant taxation acts. (For instance Capital Gains Tax Legilation is contained within Taxation of Chargeable Gains Act 1992). The Finance Act details amendments to be made to each one of these Acts.
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.)
“The moment the very name of Ireland is mentioned, the English seem to bid adieu to common feeling, common prudence, and common sense, and to act with the barbarity of tyrants, and the fatuity of idiots.”
—Sydney Smith (1771–1845)