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The tax policies of British financial institutions

2018-12-06 来源: 51due教员组 类别: Essay范文

下面为大家整理一篇优秀的essay代写范文- The tax policies of British financial institutions,供大家参考学习,这篇论文讨论了英国金融机构的税收政策。英国税法规定,凡是在英国有住所的公司均为居民公司,无住所的公司为非居民公司。英国金融机构所得税的纳税人是所有居民公司和非居民公司,对居民公司就其世界范围的利润收入课税,对非居民公司,仅就其分支机构或代理人在从事经营活动或在英国处理财产所取得的收入课税。课税对象包括以各种名义和方式从事业务经营活动所取得的收入和资本利得。外国金融在英国的分支机构按与居民公司同样的税率就来源于英国的所得缴纳公司所得税。

financial institution,英国金融机构的税收政策,essay代写,作业代写,代写

There are two models for the formation of an international financial center. In the final analysis, the mechanism of tax policy on financial institutions is to regulate and control the tax burden of financial institutions through various means, thus affecting the development of financial institutions. Tax policies are mainly divided into two categories. The first is the means related to the basic tax system, including the establishment of tax categories, the determination of tax basis, the setting of tax rate and the selection of tax scope. Second, the means of deviating from the basic tax system, that is, to give special tax treatment to specific taxpayers or economic activities, mainly including tax exemption, accelerated depreciation, tax credit, expense deduction, reserve system, preferential tax rebate, etc. The UK has its own unique approach to the construction of financial centers that we need to learn from.

Britain is a centralized country with highly centralized tax revenue and authority, which is divided into national tax and local tax. State taxes are controlled by the central government and account for about 90 percent of the country's tax revenue. Local taxes, which account for about 10 percent of national tax revenue and are an important source of local finance, are not the main source. What constitutes the main source of local finance is the central government's financial subsidies to local governments. The UK has maintained a low-tax business environment to facilitate business development and attract foreign investment. Britain's tax rate on financial institutions is among the lowest in Europe.

According to the British tax law, a domiciled company in the UK is a resident company and a domiciled company is a non-resident company. British financial institutions' income tax payers are all resident companies and non-resident companies, which are taxed on their worldwide profits and income, and non-resident companies, which are only taxed on the income of their branches or agents engaged in business activities or disposing of property in the UK. The objects of taxation include income and capital gains derived from the conduct of business operations under various names and in various forms. Branches of foreign finance in the UK pay corporate income tax at the same rate as resident companies on income derived from the UK. Financial institutions are taxed at 28% : a 22% tax rate is applied to small firms that earn less than 300,000 pounds a year. If the company's profit is between 300,000 and 1.5 million pounds, there is a marginal deduction, that is, the initial 300,000 pounds at a 22% tax rate, 300,000 pounds to 1.5 million pounds at a 28% tax rate. If there is an affiliate, the above small company is understood to be a small company plus its affiliates. From April 1, 2000, the tax rate on profits of less than 10,000 pounds a year will be 10 percent, according to the government's new budget bill to parliament.

The British individual income tax payers are British residents and non-residents. A person who has resided in the United Kingdom for at least six months in a tax year is a resident of the United Kingdom; otherwise he is a non-resident. To levy taxes on all income derived by residents at home and abroad; Tax non-residents only on income derived from the United Kingdom. Tax basis is taxable income. Taxable income refers to the income from various sources specified in the income tax classification table. After deducting the necessary expenses that are allowed to be deducted respectively, the taxable income shall be summarized and the balance after the livelihood expenses are deducted uniformly. The allowable living expenses include: basic deduction, support deduction, labor income deduction, elderly deduction, sick and disabled deduction, widow deduction and donation deduction, etc. The amount of these deductions shall be adjusted annually with the price index in accordance with the law. Individual residents of the United Kingdom who pay taxes outside the United Kingdom on income from sources outside the United Kingdom shall be entitled to tax credits in accordance with double taxation avoidance agreements or unilateral provisions of British law.

Britain's individual income tax structure operates through a system of deductions and tax brackets. Each person has individual deduction forehead, make deduct from inside total income forehead before tax get taxable income forehead, of course the charge of each income already made deduct when collecting. The personal deduction increases with age. In 1995, the minimum personal deduction was 3,445 pounds; in 2008-2009, 6,035 pounds per person; and in 2009-2010, 6,475 pounds. In addition to individual deductions, married couples also receive deductions that increase with age. In addition, the range and deduction of personal income tax in Britain are adjusted for inflation according to the increase of retail price index in that year. In April 2009, British chancellor of the exchequer alistair darling announced that financial institutions such as Banks and securities companies would start to levy 50% individual income tax on bonuses paid to senior managers.

British financial institutions practitioners and self-employed people need to pay the national insurance tax, the tax basis is salary income. There are four types: The taxpayer is a general employee and an employer. The weekly tax payable shall be calculated based on the weekly wage amount of the employee. The employer and the employee shall each bear half of the tax. Its exempt forehead regulation, 1989, weekly salary is less than 39 pounds exempt, the tax rate that weekly salary is less than 65 pounds is 10%, 650 thousand pounds ~100 pounds are 14%, 1 million pounds ~150 pounds are 18%. The collection rate adopts the full progressive system, and the employer still has to pay 10.45% of the amount above the limit, and the employee no longer pays part of the salary income after retirement, but the employer still has to continue to pay part; the self-employed. Carry out norm to collect, 1989, every self-employed annual income achieves 2 250 pounds above person all need pay, quota is every week 4.05 pounds; it is the person that volunteers to attend social insurance. This includes people who do not have formal employment but want to maintain their right to receive insurance benefits and employees and self-employed persons who want to increase their insurance benefits in the first two categories. It was also subject to a fixed levy of 3.95 pounds per week in 1989; the objects of collection are individuals whose operating profits exceed a certain level. The portion that profit forehead is in 2005 53.45 million pound ~40 040 pounds, pay by 6.3% tax rate.

In 2009-2010, the upper and lower limits of exemption and reduction of income from national insurance tax paid by category 1 and 4 personnel have been raised, that is, the exemption standard for category 1 taxpayers in 2009-2010 has been raised to 95 pounds, and the reduction standard has been raised to 844 pounds from 770 pounds a week. The four categories of taxpayers increased their annual income from 5,345 pounds and 40,040 pounds to 5,715 pounds and 43,875 pounds respectively. In December 2009 Alistair Darling, the chancellor of the exchequer, said the social security tax on employers and employees would rise by 1% from April 2011.

Stamp duty is an important tax for financial institutions to carry out acquisition activities. If the shares of a financial institution are purchased, a stamp duty of 0.5% of the purchase price will be levied. If it is a direct acquisition of a business or asset, it could impose a stamp duty of up to 4 per cent on purchases of more than 500,000 pounds of UK property.

Allowing any UK company belonging to a foreign financial group to declare a loss to another company for the purpose of receiving a group or joint venture tax break. Tax reduction measures will be implemented on capital gains. Capital assets can be transferred freely between any UK financial institution or the UK branch of a foreign financial group without paying tax; The government is considering a new deferred tax cut on capital gains from trading companies selling more than 30% of their shares. At the same time, other large investments in stocks or commercial assets will also receive tax breaks; When the payment of corporate tax installment is insufficient, the interest rate borne by financial institutions will be lowered from 2 percentage points higher than the basic interest rate to 1 percentage point higher than the basic interest rate. A major reform of the double taxation credit system is proposed. Where a foreign-funded branch enjoys tax reduction treatment abroad, however, the tax reduction treatment of a financial group that applies to the UK for reporting losses shall also be restricted; where two companies are affiliated with the same financial institution, the profits and losses of the two companies can be offset before tax to reduce the tax. The group preferential measures apply to the financial group holding more than 75% shares, and the establishment of companies in the UK, even if the group is only a foreign subsidiary in the UK also enjoy this preferential treatment; Investors can enjoy tax incentives for capital deduction, including 100% deduction for trade-related research and development costs and for commercial plant expenses in the special economic zone. There is also an annual deduction of 25 per cent for investment in factories and machinery and equipment, and 4 per cent for industrial plants located outside the enterprise special zone.

There is no exchange control in the UK and there is no limit to the profits remitted. Meanwhile, in order to avoid double taxation, Britain has developed as many as 100 kinds of tax treaties according to different countries. In order to encourage the development of financial institutions, the British government has adopted the tax policy of tax subsidy, which is not only the tax subsidy granted by the British government to enterprises, but also an important means for the British government to guide investment and support the development of high-tech industries. At present, tax stickers related to financial enterprises are as follows: Research and development: 100% tax stickers are deducted for buildings, instruments, equipment and daily expenses; intellectual property expenditure: computer software development fee for taxable capital is deducted from the balance of 25% tax deduction rate year by year. Patent, technical know-how, trademark, journal name and copyright development fee, 100% tax deduction. British film production costs of less than 15 million pounds are deducted by 100% tax deduction. For other British films, the tax deduction is divided into three years; the purchase of intellectual property costs: patents, industrial technology, computer software, at the rate of 25% tax deduction balance year by year. Software expenditures, operating privileges, animal and plant breeding rights, quotas, etc., are generally not tax-deductible. Copyright, generally taxed in instalments; fixed assets expenditure of the financial industry: machinery and factories used for trade purposes shall be deducted at different tax deduction rates. In general, large enterprises shall be deducted at 25% tax deduction rate and small and medium-sized enterprises at 40% tax deduction rate. The building is deducted at the tax deduction rate of 4% year by year. Industrial park financial industry assets expenditure, 100% tax deduction and exemption from business tax.

Foreign or foreign-funded financial institutions enjoy the same legal treatment as british-funded companies, which can engage in various forms of economic activities in the UK. However, certain industries are owned by the government or controlled by government agencies, including certain industries in transportation and energy. Foreign and UK investors must follow the same rules on monopolies and mergers. Foreign investors must obtain government approval to buy any large or economically important British company. Banks and financial institutions must obtain approval from the financial services authority before opening in the UK. There are no restrictions on the participation of British nationals in any economic sector, and there are no requirements for British nationals to hold a majority of shares or a certain proportion of shares. However, in areas such as defense, there are restrictions on both foreign and British companies. Theoretically, managers must be British nationals. But a foreign company can apply for a work permit for its foreign manager if it can prove that it cannot find someone with a certain skill or experience among British nationals.

Foreign financial institutions may acquire or occupy real estate through a variety of ways, including acquisition of land ownership, long-term lease, short-term lease or license. Property rights in real estate are available to individuals, trustees and companies. However, real estate equity owners are subject to a series of restrictions in the use and development of land or buildings, such as attaching legally binding lease terms to the use of land. Government legislation, in particular provisions contained in town planning orders, stipulates that planning permits are required in many cases. This includes not only the building of houses but also major changes to land or buildings in the course of their use. But there are exceptions. No planning permit is required for changes that do not have a material impact on the appearance of the building. An application for a planning permit shall be made to the local planning authority by the property owner or by the person who is really willing to purchase the property right. If these departments refuse to issue or set other conditions for approval, applicants have the right to appeal to the ministry of the environment. Public health legislation has provisions on the manner in which construction facilities can be rebuilt or constructed.

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