Tax or Taxation Definition

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GLOSSARY

Published by a ��Ƶ Tax expert

What does Tax or Taxation mean?

means all forms of taxation whenever created or imposed and whether of the United Kingdom or elsewhere, and without prejudice to the generality of the foregoing, includes income tax, capital gains tax, corporation tax, advance corporation tax, stamp duty, stamp duty land tax, stamp duty reserve tax, withholding tax, rates, value added tax, sales tax, customs and excise duties, inheritance tax, national insurance contributions and any other taxes, levies, contributions, duties or imposts similar to, replaced by or replacing any of them and all penalties, charges, fines and interest included in or relating to any tax assessment therefor, regardless of to whom any such taxes, penalties, charges and fines are, and any interest is, directly or indirectly chargeable or attributable or primarily chargeable or attributable;

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CFC rules—entity level exemptions: not subject to a lower level of tax

CFC rules—entity level exemptions: not subject to a lower level of tax This Practice Note deals with the controlled foreign company (CFC) rules that apply for accounting periods of CFCs commencing on or after 1 January 2013. For a Practice Note on similar subjects under the rules that apply until then, see: Old CFC rules—definition of a CFC: company, accounting period and lower level of taxation [Archived]. The differences between the old and new rules are explained in this Practice Note. Even if a company is a CFC for an accounting period, a CFC tax charge will only arise if: • the CFC has chargeable profits that pass through the gateway, and • none of the exemptions from the CFC rules apply For further detail about the calculation of the CFC tax charge, see Practice Note: CFC rules—calculating the CFC tax charge. There are two types of exemption: • entity level exemptions—these exclude the CFC from the CFC rules altogether for a particular accounting period and are:...

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