The Finance Act 1965 (c. 25) is an act of the Parliament of the United Kingdom which introduced two major new UK taxes. Corporation tax created a separate system for taxing the income of corporations, where previously they had paid income tax in the same way as private individuals. Capital gains tax is charged on the disposal of assets, and is based on any "real gain" made from the disposal. If the income comes within income tax, capital gains is not chargeable. Capital gains tax does not apply to corporations, but an identical provision, known as chargeable gains, is included in corporation tax.
| Act of Parliament | |
 | |
| Long title | An Act to grant certain duties, to alter other duties, and to amend the law relating to the National Debt and the Public Revenue, and to make further provision in connection with Finance. |
|---|---|
| Citation | 1965 c. 25 |
| Dates | |
| Royal assent | 5 August 1965 |
Status: Current legislation | |
| Text of statute as originally enacted | |
| Text of the Finance Act 1965 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk. | |
It was criticised by the founders of the Institute for Fiscal Studies.
See also
editReferences
edit- Text of the Finance Act 1965 as in force today (including any amendments) within the United Kingdom, from legislation.gov.uk.
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