Finance Act

(redirected from Finance Acts)

Finance Act

Annual legislation in the United Kingdom making changes to the tax structure. The Finance Act may raise or lower taxes or provide tax incentives for various reasons, depending on the government's financial needs. The Finance Act is passed as part of the budget process each year.
References in periodicals archive ?
Summary: ALGIERS- The complementary finance act for 2010 reinforces government's approach and comes in line with measures included in the previous finance acts, Minister of Finance Karim Djoudi affirmed Thursday.
It reinforces approach engaged by the government particularly through finance acts of 2008 and 2009, Djoudi told press on sidelines of the closure ceremony of the Council of Nation spring session.
The monitor was created to highlight the burden on taxpayers of the volume of tax legislation and compares the number of pages in Finance Acts since 1979.
Finance Acts today are typically three times as big as 25 years ago.
It said this compared with an average of 484 pages during the past seven years, and an average of just 153 pages during the early 1980s, meaning Finance Acts today are typically three times as big as they were 25 years ago.
The UK's tax system is becoming increasingly complex and needs to be reformed, claims the Institute of Chartered Accountants The group said this year's Finance Act, which received Royal Assent last week, had 506 pages, containing 180 sections and 26 schedules.
Research by the Institute of Chartered Accountants in England & Wales (ICAEW) reveals that the number of pages in successive finance acts has trebled since the early 1980s, increasing by more than half (54%) in the last five years alone.
He said: "Taxpayers are swamped by a barrage of legislation, whereas other highly-developed countries have tax systems that work perfectly well, with a tax code and Finance Acts that are much shorter than those in the UK.
We have amalgamated changes made by all the Finance Acts to date (up to and including the Finance Act 2009), as well as those made by Statutory Instruments (up to and including those taking effect on 1 January 2010.
Centred essentially on "how to adapt to the new provisions of the 2009-2010 finance acts," the seminar has not only allowed presenting the big investment opportunities in Algeria, but also to inform businessmen of Brussels on the relevant necessary tools before launching investments in Algeria.
This year's Finance Act was the third longest ever, and was well up on the 363 pages contained in the act last year, when there were two Finance Acts, although it was down on 2004's record of 634 pages.
We have amalgamated changes made by all the Finance Acts up to and including the Finance Act 2009, as well as those made by Statutory Instruments (up to and including those taking effect on 1 January 2010.

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