作业帮社会保障税 英语怎么说
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社会保障税 英语怎么说
就是NIC是什么的缩写
还有CGT也顺便问一下 都是和INCOME TAX有关的
如果能提供英国NIC和CGT的一些情况,文章,决不食言!
急 求达人速解
就是NIC是什么的缩写
还有CGT也顺便问一下 都是和INCOME TAX有关的
如果能提供英国NIC和CGT的一些情况,文章,决不食言!
急 求达人速解
NIC = National Insurance Contribution
CGT = Capital Gains Tax
National insurance
National Insurance (NI) is a system of taxes and related social security benefits in the United Kingdom. It was first introduced by the National Insurance Act 1911, and expanded by the government of Clement Attlee in 1946. The tax component of the system consists of taxes paid by employees and employers on weekly earnings and other benefits-in-kind; the self-employed are taxed based upon profits. Such taxes are said to be National Insurance Contributions (NICs).
The benefit component of the system is a number of contributory benefits, these are ones where the claimant's previous contribution record determines the availability and amount of the benefit paid. The benefits provided are weekly income benefits and some lump sum benefits to participants upon death, retirement, unemployment, maternity and disability.
History
The name national insurance was adopted as an expression of the government's aspiration that the system should be qualitatively different from conventional general taxation such as income tax.
The proposed differences that were enacted, or aspired to, included:
* the revenue was expected to roughly equate to current spending on contributory benefits
* no means testing of benefits - the amount of benefit paid in respect of any claim by a claimant was the same whether the claimant was rich or poor, depending only on the completeness of the claimant's contribution record
* a cap on the system's scope for redistribution - above a certain level of earnings or profits no extra contributions were payable
* the payment of a contribution by an employer for each employee comparable to that paid by the employee
Initially, the most important contributory benefits were the State Retirement Pension and Unemployment Benefit.
With the introduction of employer payroll tax deduction (Pay-As-You-Earn or PAYE), employees' National Insurance contributions were collected along with income tax. This replaced the old system of purchasing a contribution certificate or stamp, but for many years some older Britons continued to describe making NI contributions as paying their stamp.
As the system developed, the link between individual contributions and benefits was weakened. The National Insurance Fund is still nominally hypothecated, and national insurance payments cannot be used to fund general government spending, although as much of the fund is invested in government securities it is available for borrowing by the government for spending on capital projects, like schools and hospitals. National Insurance contributions are paid into the various classes of National Insurance AFTER deduction of monies specifically allocated to the National Health Service. However a small percentage is transferred from the fund to the NHS from certain of the smaller sub-classes. Thus the NHS is partially funded from NI contributions but not from the NI Fund.
Recent developments of the system have meant that National Insurance provides a significant part of the government's revenue (£90 billion in 2006-2007, approximately 17% of total government receipts). At the same time it has become more redistributive as its structure has changed to remove the fixed upper contribution limits, albeit with a much lower rate payable by employees on income above a certain level. It has been mooted that the link between individual's contribution record and the remaining contributory benefits will be weakened further.
NI has been criticised as a "stealth tax" and "an income tax in everything but name": in recent years governments have trumpeted the fact that income tax rates have not changed, while they have increased revenue by increasing the rates and scope of NI. At the same time the unfairness of a tax that is levied on the wage income of all workers but not on dividend or interest income has been criticised: at the extreme this leads to the contrast between a low-paid worker who has to pay the tax on his income and a wealthy owner of income-bearing assets who does not.
There have been proposals put forward by think-tanks to abolish employees' National Insurance altogether by rolling it up into income tax; these have yet to be adopted as a policy by a major political party.
Contribution classes
National insurance contributions (NICs) fall into a number of classes. Class 1, 2 and 3 NICs paid are credited to an individual's NI account, which determines your eligibility for certain benefits - including the state pension. Class 1A, 1B and 4 NIC do not count towards benefit entitlements but must still be paid if due.
Class 1
Class 1 contributions are paid by employees and their employers. They are deducted from their gross wages by the employer, with no action required by the employee. The employers also match these contributions (with the one exception below). There are three milestone figures which determine the rate of NICs to be paid: Lower Earnings Limit (LEL) , Earnings threshold (ET) and Upper Earnings Limit (UEL). In this context "earnings" refers to an employee's wage or salary.
* Below the LEL, no NICs are paid because no benefits can accrue on earnings below this limit.
* On salaries above the LEL and below the ET, NICs are not paid, but are credited by the government as if they were. This effectively assists the working poor who do get benefits.
* On salaries between the ET and the UEL (equivalent to £5,225 to £34,840 per annum), NICs are collected at the rate of 23.8% (11% paid by the employee and 12.8% by the employer).
* On the portion above the UEL, the total rate drops to 13.8% (1% paid by employees and 12.8% by the employer).
Unlike income tax the limits for class 1 NICs for ordinary employees are calculated on a periodic basis, usually weekly or monthly depending on how the employee is paid. However those for company directors are always calculated on an annual basis, to ensure that the correct level of NICs are collected regardless of how often the director chooses to be paid. In the 2007 budget, the then Chancellor of the Exchequer Gordon Brown announced that in future the LEL and UEL would be aligned with the income tax basic rate band.
Class 1A
Class 1A contributions are paid by employers on the value of company cars and other benefits in kind of their employees and directors at rate of 12.8% of the value of the benefits in kind (from their P11Ds).
Class 1B
Class 1B were introduced on 6 April 1999 and are payable whenever an employer enters into a PAYE Settlement Agreement (a PSA) for tax. Class 1B NICs are payable only by employers and payment does not provide any benefit entitlement for individuals.
Class 2
Class 2 contributions are fixed weekly amounts paid by the self-employed. They are due regardless of trading profits or losses, but people on small (low) earnings can apply for exception from paying and those on high earnings with liability to either Class 1 or 4 can apply for deferment from paying. While the amount is calculated to a weekly figure, they are typically paid monthly or quarterly. For the most part, unlike Class 1, they do not form part of a qualifying contribution record for contributions-based Jobseekers Allowance.
Class 3
Class 3 contributions are voluntary NICs paid by people that wish to fill a gap in their contributions record which has arisen either by not working or by their earnings being too low. The main reason for paying Class 3 NICs is to ensure that a person's contribution record is preserved to provide entitlement to the state pension. Generally a woman currently needs 10 years of contributions and a man 11 years for a minimum state pension. In certain cases (e.g. parents and carers) fewer years may be required.
Class 4
Class 4 contributions are paid by self-employed people as a portion of their profits, calculated with income tax at the end of the year, based on figures supplied on the SA100 tax return. Below the earnings threshold no class 4 NICs are due. Above the earnings threshold and below the upper earnings limit class 4 NICs are paid at a rate of 8% of trading profits. Above the upper earnings limit class 4 NICs are paid at a rate of 1% of trading profits. They do not form part of a qualifying contribution record for any benefits, including the state retirement pension.
People who are unable to work for some reason may be able to claim NIC credits. These are equivalent to Class 1 NICs, though are not paid for. They are granted either to maintain a contributions record while not working, or to those applying for benefits whose contribution record is only slightly short of the requirements for those benefits. In the latter case, they are unavailable to fill "gaps" in contribution records for some benefits.
Capital Gains Tax
A capital gains tax (abbreviated: CGT) is a tax charged on capital gains, the profit realized on the sale of a non-inventory asset that was purchased at a lower price. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property. Not all countries implement a capital gains tax and most have different rates of taxation for individuals and corporations.
For equities, an example of a popular and liquid asset, each national or state legislation, have a large array of fiscal obligations that must be respected regarding capital gains. Taxes are charged by the state over the transactions, dividends and capital gains on the stock market. However, these fiscal obligations may vary from jurisdiction to jurisdiction because, among other reasons, it could be assumed that taxation is already incorporated into the stock price through the different taxes companies pay to the state, or that tax free stock market operations are useful to boost economic growth.
United Kingdom
Basics (Tax year April 2008-9)
Individuals who are resident or ordinarily resident in the United Kingdom (and trustees of various trusts) are subject to a capital gains tax, with exceptions for, for example, principal private residences, holdings in ISAs or gilts. Certain other gains are allowed to be rolled over upon re-investment. Investments in some start up enterprises are also exempt from CGT.
Every individual has an annual capital gains tax allowance: gains below the allowance are exempt from tax, and capital losses can be set against capital gains in other holdings before taxation.
All individuals are exempt from CGT up to a specified amount of capital gains per year. For the 2008/9 tax year this "annual exemption" is £9,600.
CGT is charged at 18%.
Entrepreneurs selling their business (technically "qualifying assets") can claim Entrepreneurs' Relief - a lifetime allowance of £1,000,000 of gain that will only be taxed at 10%.
Corporate notes
Companies are subject to corporation tax on their "chargeable gains" (the amounts of which are calculated along the lines of capital gains tax). Companies cannot claim taper relief, but can claim an indexation allowance to offset the effect of inflation. A corporate substantial shareholdings exemption was introduced on 1 April 2002 for holdings of 10% or more of the shares in another company (30% or more for shares held by a life assurance company's long-term insurance fund). This is effectively a form of UK participation exemption. Almost all of the corporation tax raised on chargeable gains is paid by life assurance companies taxed on the I minus E basis.
The rules governing the taxation of capital gains in the United Kingdom for individuals and companies are contained in the Taxation of Chargeable Gains Act 1992.
Background to changes to 18% rate
In the Chancellor's October 2007 Autumn Statement, draft proposals were announced that would change the applicable rates of CGT as of 6 April 2008. Under these proposals, an individual's annual exemption will continue but taper relief will cease and a single rate of capital gains tax at 18% will be applied to chargeable gains. This new single rate would replace the individual's marginal (Income Tax) rate of tax for CGT purposes. The changes were introduced, at least in part, because the UK government felt that private equity firms were making excessive profits by benefiting from overly generous taper relief on business assets. The changes were criticised by a number of groups including the Federation of Small Businesses, who claimed that the new rules would increase the CGT liability of small businesses and discourage entrepreneurship in the UK. At the time of the proposals there was concern that the changes would lead to a bulk selling of assets just before the start of the 2008-09 tax year to benefit from existing taper relief.
Historic (useful if looking at years prior to April 2008)
Individuals pay capital gains tax at their highest marginal rate of income tax (0%, 10%, 20% or 40% in the tax year 2007/8) but since 6 April 1998 have been able to claim a taper relief which reduces the amount of a gain that is subject to capital gains tax (reducing the effective rate of tax), depending on whether the asset is a "business asset" or a "non-business asset" and the length of the period of ownership. Taper relief provides up to a 75% reduction (leaving 25% taxable) in taxable gains for business assets, and 40% (leaving 60% taxable), for non-business assets, for an individual. Taper relief replaces indexation allowance for individuals, which can still be claimed for assets held prior to 6 April 1998 from the date of purchase until that date, but will itself be abolished on 2008-04-05.
CGT = Capital Gains Tax
National insurance
National Insurance (NI) is a system of taxes and related social security benefits in the United Kingdom. It was first introduced by the National Insurance Act 1911, and expanded by the government of Clement Attlee in 1946. The tax component of the system consists of taxes paid by employees and employers on weekly earnings and other benefits-in-kind; the self-employed are taxed based upon profits. Such taxes are said to be National Insurance Contributions (NICs).
The benefit component of the system is a number of contributory benefits, these are ones where the claimant's previous contribution record determines the availability and amount of the benefit paid. The benefits provided are weekly income benefits and some lump sum benefits to participants upon death, retirement, unemployment, maternity and disability.
History
The name national insurance was adopted as an expression of the government's aspiration that the system should be qualitatively different from conventional general taxation such as income tax.
The proposed differences that were enacted, or aspired to, included:
* the revenue was expected to roughly equate to current spending on contributory benefits
* no means testing of benefits - the amount of benefit paid in respect of any claim by a claimant was the same whether the claimant was rich or poor, depending only on the completeness of the claimant's contribution record
* a cap on the system's scope for redistribution - above a certain level of earnings or profits no extra contributions were payable
* the payment of a contribution by an employer for each employee comparable to that paid by the employee
Initially, the most important contributory benefits were the State Retirement Pension and Unemployment Benefit.
With the introduction of employer payroll tax deduction (Pay-As-You-Earn or PAYE), employees' National Insurance contributions were collected along with income tax. This replaced the old system of purchasing a contribution certificate or stamp, but for many years some older Britons continued to describe making NI contributions as paying their stamp.
As the system developed, the link between individual contributions and benefits was weakened. The National Insurance Fund is still nominally hypothecated, and national insurance payments cannot be used to fund general government spending, although as much of the fund is invested in government securities it is available for borrowing by the government for spending on capital projects, like schools and hospitals. National Insurance contributions are paid into the various classes of National Insurance AFTER deduction of monies specifically allocated to the National Health Service. However a small percentage is transferred from the fund to the NHS from certain of the smaller sub-classes. Thus the NHS is partially funded from NI contributions but not from the NI Fund.
Recent developments of the system have meant that National Insurance provides a significant part of the government's revenue (£90 billion in 2006-2007, approximately 17% of total government receipts). At the same time it has become more redistributive as its structure has changed to remove the fixed upper contribution limits, albeit with a much lower rate payable by employees on income above a certain level. It has been mooted that the link between individual's contribution record and the remaining contributory benefits will be weakened further.
NI has been criticised as a "stealth tax" and "an income tax in everything but name": in recent years governments have trumpeted the fact that income tax rates have not changed, while they have increased revenue by increasing the rates and scope of NI. At the same time the unfairness of a tax that is levied on the wage income of all workers but not on dividend or interest income has been criticised: at the extreme this leads to the contrast between a low-paid worker who has to pay the tax on his income and a wealthy owner of income-bearing assets who does not.
There have been proposals put forward by think-tanks to abolish employees' National Insurance altogether by rolling it up into income tax; these have yet to be adopted as a policy by a major political party.
Contribution classes
National insurance contributions (NICs) fall into a number of classes. Class 1, 2 and 3 NICs paid are credited to an individual's NI account, which determines your eligibility for certain benefits - including the state pension. Class 1A, 1B and 4 NIC do not count towards benefit entitlements but must still be paid if due.
Class 1
Class 1 contributions are paid by employees and their employers. They are deducted from their gross wages by the employer, with no action required by the employee. The employers also match these contributions (with the one exception below). There are three milestone figures which determine the rate of NICs to be paid: Lower Earnings Limit (LEL) , Earnings threshold (ET) and Upper Earnings Limit (UEL). In this context "earnings" refers to an employee's wage or salary.
* Below the LEL, no NICs are paid because no benefits can accrue on earnings below this limit.
* On salaries above the LEL and below the ET, NICs are not paid, but are credited by the government as if they were. This effectively assists the working poor who do get benefits.
* On salaries between the ET and the UEL (equivalent to £5,225 to £34,840 per annum), NICs are collected at the rate of 23.8% (11% paid by the employee and 12.8% by the employer).
* On the portion above the UEL, the total rate drops to 13.8% (1% paid by employees and 12.8% by the employer).
Unlike income tax the limits for class 1 NICs for ordinary employees are calculated on a periodic basis, usually weekly or monthly depending on how the employee is paid. However those for company directors are always calculated on an annual basis, to ensure that the correct level of NICs are collected regardless of how often the director chooses to be paid. In the 2007 budget, the then Chancellor of the Exchequer Gordon Brown announced that in future the LEL and UEL would be aligned with the income tax basic rate band.
Class 1A
Class 1A contributions are paid by employers on the value of company cars and other benefits in kind of their employees and directors at rate of 12.8% of the value of the benefits in kind (from their P11Ds).
Class 1B
Class 1B were introduced on 6 April 1999 and are payable whenever an employer enters into a PAYE Settlement Agreement (a PSA) for tax. Class 1B NICs are payable only by employers and payment does not provide any benefit entitlement for individuals.
Class 2
Class 2 contributions are fixed weekly amounts paid by the self-employed. They are due regardless of trading profits or losses, but people on small (low) earnings can apply for exception from paying and those on high earnings with liability to either Class 1 or 4 can apply for deferment from paying. While the amount is calculated to a weekly figure, they are typically paid monthly or quarterly. For the most part, unlike Class 1, they do not form part of a qualifying contribution record for contributions-based Jobseekers Allowance.
Class 3
Class 3 contributions are voluntary NICs paid by people that wish to fill a gap in their contributions record which has arisen either by not working or by their earnings being too low. The main reason for paying Class 3 NICs is to ensure that a person's contribution record is preserved to provide entitlement to the state pension. Generally a woman currently needs 10 years of contributions and a man 11 years for a minimum state pension. In certain cases (e.g. parents and carers) fewer years may be required.
Class 4
Class 4 contributions are paid by self-employed people as a portion of their profits, calculated with income tax at the end of the year, based on figures supplied on the SA100 tax return. Below the earnings threshold no class 4 NICs are due. Above the earnings threshold and below the upper earnings limit class 4 NICs are paid at a rate of 8% of trading profits. Above the upper earnings limit class 4 NICs are paid at a rate of 1% of trading profits. They do not form part of a qualifying contribution record for any benefits, including the state retirement pension.
People who are unable to work for some reason may be able to claim NIC credits. These are equivalent to Class 1 NICs, though are not paid for. They are granted either to maintain a contributions record while not working, or to those applying for benefits whose contribution record is only slightly short of the requirements for those benefits. In the latter case, they are unavailable to fill "gaps" in contribution records for some benefits.
Capital Gains Tax
A capital gains tax (abbreviated: CGT) is a tax charged on capital gains, the profit realized on the sale of a non-inventory asset that was purchased at a lower price. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property. Not all countries implement a capital gains tax and most have different rates of taxation for individuals and corporations.
For equities, an example of a popular and liquid asset, each national or state legislation, have a large array of fiscal obligations that must be respected regarding capital gains. Taxes are charged by the state over the transactions, dividends and capital gains on the stock market. However, these fiscal obligations may vary from jurisdiction to jurisdiction because, among other reasons, it could be assumed that taxation is already incorporated into the stock price through the different taxes companies pay to the state, or that tax free stock market operations are useful to boost economic growth.
United Kingdom
Basics (Tax year April 2008-9)
Individuals who are resident or ordinarily resident in the United Kingdom (and trustees of various trusts) are subject to a capital gains tax, with exceptions for, for example, principal private residences, holdings in ISAs or gilts. Certain other gains are allowed to be rolled over upon re-investment. Investments in some start up enterprises are also exempt from CGT.
Every individual has an annual capital gains tax allowance: gains below the allowance are exempt from tax, and capital losses can be set against capital gains in other holdings before taxation.
All individuals are exempt from CGT up to a specified amount of capital gains per year. For the 2008/9 tax year this "annual exemption" is £9,600.
CGT is charged at 18%.
Entrepreneurs selling their business (technically "qualifying assets") can claim Entrepreneurs' Relief - a lifetime allowance of £1,000,000 of gain that will only be taxed at 10%.
Corporate notes
Companies are subject to corporation tax on their "chargeable gains" (the amounts of which are calculated along the lines of capital gains tax). Companies cannot claim taper relief, but can claim an indexation allowance to offset the effect of inflation. A corporate substantial shareholdings exemption was introduced on 1 April 2002 for holdings of 10% or more of the shares in another company (30% or more for shares held by a life assurance company's long-term insurance fund). This is effectively a form of UK participation exemption. Almost all of the corporation tax raised on chargeable gains is paid by life assurance companies taxed on the I minus E basis.
The rules governing the taxation of capital gains in the United Kingdom for individuals and companies are contained in the Taxation of Chargeable Gains Act 1992.
Background to changes to 18% rate
In the Chancellor's October 2007 Autumn Statement, draft proposals were announced that would change the applicable rates of CGT as of 6 April 2008. Under these proposals, an individual's annual exemption will continue but taper relief will cease and a single rate of capital gains tax at 18% will be applied to chargeable gains. This new single rate would replace the individual's marginal (Income Tax) rate of tax for CGT purposes. The changes were introduced, at least in part, because the UK government felt that private equity firms were making excessive profits by benefiting from overly generous taper relief on business assets. The changes were criticised by a number of groups including the Federation of Small Businesses, who claimed that the new rules would increase the CGT liability of small businesses and discourage entrepreneurship in the UK. At the time of the proposals there was concern that the changes would lead to a bulk selling of assets just before the start of the 2008-09 tax year to benefit from existing taper relief.
Historic (useful if looking at years prior to April 2008)
Individuals pay capital gains tax at their highest marginal rate of income tax (0%, 10%, 20% or 40% in the tax year 2007/8) but since 6 April 1998 have been able to claim a taper relief which reduces the amount of a gain that is subject to capital gains tax (reducing the effective rate of tax), depending on whether the asset is a "business asset" or a "non-business asset" and the length of the period of ownership. Taper relief provides up to a 75% reduction (leaving 25% taxable) in taxable gains for business assets, and 40% (leaving 60% taxable), for non-business assets, for an individual. Taper relief replaces indexation allowance for individuals, which can still be claimed for assets held prior to 6 April 1998 from the date of purchase until that date, but will itself be abolished on 2008-04-05.