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:
“A bank is a confidence trick. If you put up the right signs, the wizards of finance themselves will come in and ask you to take their money.”
—Christina Stead (1902–1983)
“Sharing food with another human being is an intimate act that should not be indulged in lightly.”
—M.F.K. Fisher (1908–1992)