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Taxation in the United Kingdom. In the United Kingdom, taxation may involve payments to at least three different levels of government: central government ( HM Revenue & Customs ), devolved governments and local government.
The department is responsible for the administration and collection of direct taxes including Income Tax, Corporation Tax, Capital Gains Tax (CGT) and Inheritance Tax (IHT), indirect taxes including Value Added Tax (VAT), excise duties and Stamp Duty Land Tax (SDLT), and environmental taxes such as Air Passenger Duty and the Climate Change Levy.
It is described as "a heterogeneous organization of people on the Internet dedicated to defamation, humiliation, eradication, killing, and removal of Barney the Purple Dinosaur of the television show Barney & Friends from the airwaves and from every human's life."
In the United Kingdom, the value added tax (VAT) was introduced in 1973, replacing Purchase Tax, and is the third-largest source of government revenue, after income tax and National Insurance. It is administered and collected by HM Revenue and Customs , primarily through the Value Added Tax Act 1994 .
In the UK, gains made by companies fall under the scope of corporation tax rather than capital gains tax. In 2017–18, total capital gains tax receipts were £8.3 billion from 265,000 individuals and £0.6 billion from trusts, on total gains of £58.9 billion.
Statistics published late last year showed tax hit 35.3% of gross domestic product in 2022/23, a 0.9% increase on the previous year. (PA Graphics) This ratio is forecast to grow to 37.7% by 2029 ...