Tax credit - Revision history

imported>Doug Williamson: Add link.

2022-07-06T08:54:35Z

Add link.

← Older revision		Revision as of 08:54, 6 July 2022
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	* [[Imputation system]]		* [[Imputation system]]
	* [[Income Tax]]		* [[Income Tax]]
			* [[Tax]]
	* [[Tax relief]]		* [[Tax relief]]

	[[Category:Accounting,_tax_and_regulation]]		[[Category:Accounting,_tax_and_regulation]]

imported>Doug Williamson: Update.

2018-01-12T17:09:23Z

Update.

← Older revision		Revision as of 17:09, 12 January 2018
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	A reduction in a tax liability, directly reducing the net amount of tax payable.		A reduction in a tax liability, directly reducing the net amount of tax payable.

	For example, the tax credit under ~~the~~ 'imputation system' which wholly or partially imputes to the shareholders some of the corporation tax paid by companies on the income out of which dividends are paid.		For example, the tax credit under a tax 'imputation system' which wholly or partially imputes to the shareholders some of the corporation tax paid by companies on the income out of which dividends are paid.

	~~In some circumstances a net amount of tax repayable, resulting from certain types of tax credit, can be refunded to the taxpayer in cash~~.

imported>Doug Williamson: Remove out of date example.

2018-01-10T13:17:50Z

Remove out of date example.

← Older revision		Revision as of 13:17, 10 January 2018
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	For example, the tax credit under the 'imputation system' which wholly or partially imputes to the shareholders some of the corporation tax paid by companies on the income out of which dividends are paid.		For example, the tax credit under the 'imputation system' which wholly or partially imputes to the shareholders some of the corporation tax paid by companies on the income out of which dividends are paid.


	In some circumstances a net amount of tax repayable, resulting from certain types of tax credit, can be refunded to the taxpayer in cash.		In some circumstances a net amount of tax repayable, resulting from certain types of tax credit, can be refunded to the taxpayer in cash.

	In the UK, dividend tax credits could formerly be reclaimed by non taxpayers - such as pension funds - in cash. This benefit was then withdrawn. The dividend tax credit could then only be set against amounts of tax which would otherwise have been payable.

	~~With effect from April 2016, the dividend tax credit was abolished for UK taxpayers.~~

imported>Doug Williamson: Update to past tense.

2018-01-10T11:12:33Z

Update to past tense.

← Older revision		Revision as of 11:12, 10 January 2018
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	In the UK, dividend tax credits could formerly be reclaimed by non taxpayers - such as pension funds - in cash. This benefit was then withdrawn. The dividend tax credit could then only be set against amounts of tax which would otherwise have been payable.		In the UK, dividend tax credits could formerly be reclaimed by non taxpayers - such as pension funds - in cash. This benefit was then withdrawn. The dividend tax credit could then only be set against amounts of tax which would otherwise have been payable.

	With effect from April 2016, the dividend tax credit is abolished for UK taxpayers.		With effect from April 2016, the dividend tax credit was abolished for UK taxpayers.


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	* [[Credit]]		* [[Credit]]
	* [[Credit relief]]		* [[Credit relief]]
	* [[Expense relief]]
	* [[Deductions]]		* [[Deductions]]
	* [[Dividend]]		* [[Dividend]]
			* [[Expense relief]]
	* [[Foreign tax credit]]		* [[Foreign tax credit]]
	* [[Imputation system]]		* [[Imputation system]]

imported>Doug Williamson: Update. Source: CIOT https://www.tax.org.uk/sites/default/files/file_uploads/160129%20Draft%20Finance%20Bill%202016%20Clauses%202-3%20Dividend%20nil%20rate%20and%20dividend%20tax%20credits%20-%20CIOT%20comments.pdf

2016-08-31T12:20:22Z

Update. Source: CIOT https://www.tax.org.uk/sites/default/files/file_uploads/160129%20Draft%20Finance%20Bill%202016%20Clauses%202-3%20Dividend%20nil%20rate%20and%20dividend%20tax%20credits%20-%20CIOT%20comments.pdf

← Older revision		Revision as of 12:20, 31 August 2016
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	In some circumstances a net amount of tax repayable, resulting from certain types of tax credit, can be refunded to the taxpayer in cash.		In some circumstances a net amount of tax repayable, resulting from certain types of tax credit, can be refunded to the taxpayer in cash.

	In the UK, dividend tax credits could formerly be reclaimed by non taxpayers - such as pension funds - in cash. This ~~is no longer the case~~. The dividend tax credit ~~can~~ only be set against tax which would otherwise be payable.		In the UK, dividend tax credits could formerly be reclaimed by non taxpayers - such as pension funds - in cash. This benefit was then withdrawn. The dividend tax credit could then only be set against amounts of tax which would otherwise have been payable.

			With effect from April 2016, the dividend tax credit is abolished for UK taxpayers.

imported>Doug Williamson: Update.

2016-08-31T12:13:28Z

Update.

← Older revision		Revision as of 12:13, 31 August 2016
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	For example, the tax credit under the 'imputation system' which wholly or partially imputes to the shareholders some of the corporation tax paid by companies on the income out of which dividends are paid.		For example, the tax credit under the 'imputation system' which wholly or partially imputes to the shareholders some of the corporation tax paid by companies on the income out of which dividends are paid.


	In some circumstances a net amount of tax repayable, resulting from certain types of tax credit, can be refunded to the taxpayer in cash.		In some circumstances a net amount of tax repayable, resulting from certain types of tax credit, can be refunded to the taxpayer in cash.

			In the UK, dividend tax credits could formerly be reclaimed by non taxpayers - such as pension funds - in cash. This is no longer the case. The dividend tax credit can only be set against tax which would otherwise be payable.

imported>Doug Williamson: Add links.

2016-08-31T11:32:14Z

Add links.

← Older revision		Revision as of 11:32, 31 August 2016
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	* [[Expense relief]]		* [[Expense relief]]
	* [[Deductions]]		* [[Deductions]]
			* [[Dividend]]
	* [[Foreign tax credit]]		* [[Foreign tax credit]]
	* [[Imputation system]]		* [[Imputation system]]
			* [[Income Tax]]
	* [[Tax relief]]		* [[Tax relief]]

	[[Category:Accounting,_tax_and_regulation]]		[[Category:Accounting,_tax_and_regulation]]

imported>Doug Williamson: Layout.

2016-05-13T11:52:45Z

Layout.

← Older revision		Revision as of 11:52, 13 May 2016
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	~~'''~~1.~~'''~~		1.

	A reduction in a tax liability, directly reducing the net amount of tax payable.		A reduction in a tax liability, directly reducing the net amount of tax payable.
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	~~'''~~2.~~'''~~		2.

	Less commonly, a smaller indirect reduction in a tax liability, by way of a deduction from the net taxable profits.		Less commonly, a smaller indirect reduction in a tax liability, by way of a deduction from the net taxable profits.


	~~'''~~3.~~'''~~		3.

	''UK personal tax''.		''UK personal tax''.

	A payment from the UK tax authorities to an individual with childcare responsibilities, low income, or both.		A payment from the UK tax authorities to an individual with childcare responsibilities, low income, or both.

imported>Doug Williamson: Expand to incorporate UK personal tax credits as definition 3 & to link to Expense relief page. Sources: http://www.hmrc.gov.uk/taxcredits/start/who-qualifies/what-are-taxcredits.htm; http://www.hmrc.gov.uk/forms/tc825.pdf

2013-10-30T13:35:01Z

Expand to incorporate UK personal tax credits as definition 3 & to link to Expense relief page. Sources: http://www.hmrc.gov.uk/taxcredits/start/who-qualifies/what-are-taxcredits.htm; http://www.hmrc.gov.uk/forms/tc825.pdf

← Older revision		Revision as of 13:35, 30 October 2013
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	1.		'''1.'''

	A reduction in a tax liability, directly reducing the net amount of tax payable.		A reduction in a tax liability, directly reducing the net amount of tax payable.
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	2.		'''2.'''

	Less commonly, a smaller indirect reduction in a tax liability, by way of a deduction from the net taxable profits.		Less commonly, a smaller indirect reduction in a tax liability, by way of a deduction from the net taxable profits.


			'''3.'''

			''UK personal tax''.

			A payment from the UK tax authorities to an individual with childcare responsibilities, low income, or both.



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	* [[Credit]]		* [[Credit]]
	* [[Credit relief]]		* [[Credit relief]]
			* [[Expense relief]]
	* [[Deductions]]		* [[Deductions]]
	* [[Foreign tax credit]]		* [[Foreign tax credit]]
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	* [[Tax relief]]		* [[Tax relief]]

	[[Category:~~Taxation~~]]		[[Category:Accounting,_tax_and_regulation]]

imported>Doug Williamson: Category added 8/10/13

2013-10-08T08:28:11Z

Category added 8/10/13

← Older revision		Revision as of 08:28, 8 October 2013
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	* [[Imputation system]]		* [[Imputation system]]
	* [[Tax relief]]		* [[Tax relief]]

			[[Category:Taxation]]