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Identify, And Evaluate The Different Types Of Property Income Taxes?

3206 words - 13 pages

Tax is a 'charge against a citizen's person or property or activity for the support of government' (google.com). Tax payments were established many years ago to bring balance in society. It was not to provide help for individuals or groups of people but for community as a whole. Taxes can be traced back to the Ancient Egyptian ages and have developed significantly in many ways over time. Taxes are raised by the Government to pay services and welfare such as: Education, the National Health Service, National Defence and infrastructure development and maintenance. The UK Government relies on the revenues from taxation to maintain day-to-day operations, without the income many functions would cease to operate and create chaos in society. Taxation is Excised by two of the Government Departments, The Inland Revenue and HM Customs and Excise. The HM Customs and Excise deals with customs charges and excise duties such as petrol and cigarettes. The other department deals with Income tax, Corporation tax, Capital Gains tax, Inheritance tax, National Insurance contributions and many other taxes including Stamp Duty.This assignment will consist of discussions of the various types of Stamp Duty that are payable and also whether the stamp duty legislation fulfils the principles of an ideal tax.The types of business that can be undertaken by a potential investor are many. However, the type of business is usually dictated by the industry sector the potential owner of a business wants to undertake. One example of a business type is known as a 'property business.' A property business is one that involves receiving money from UK property. There are many rules and regulations set out by the Inland Revenue and HM Customs that need to be adhered to by the owner of the property business. The owner of the property business is taxed under the rules of property income formerly known as Schedule A, which basically 'taxes the income from the ownership of land in the uk' (reference book). The owner must adhere to the property income rules in order to do business so that the income gained is taxed accordingly. This therefore means that the owner is an income tax. Income tax is imposed by the government on all those individuals that earn an income. Those individuals by law must provide an income tax return every year to determine whether or not that individual owes tax or is allowed an income tax refund. The tax gained is then used by the government to help fund activities (e.g. construction of the Olympic stadium) and also for their own expenditure (e.g. transport, health and education etc)Property income has many rules that form the basis on how the owner of the property business is taxed. The rules relating to the property business are as follows:•Property Income profit/ loss•Loss relief•Premiums•'Rent-a-room'•Furnished holiday lettingsProperty income profit/lossThis includes rules such as 'pooling', capital allowance and interest paid on the loans...

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