TAXATION SYSTEM OF THE UNITED KINGDOM IN THE TERMS OF FINANCIAL CRISIS
https://doi.org/10.21686/2073-1051-2015-2-163-180
Abstract
Historically, the taxation system of the United Kingdom is based primarily on direct taxes. The role of indirect taxes is also quite substantial in comparison with the social security payments. Significant changes in the individual income tax, corporate income tax, and value added tax were inserted during and after the financial crisis of 2008-2009. A new tax on the banks’ bonus payments has been introduced during the crisis. Anti-crisis changes concerned tax rates, the procedure of calculation of the tax base, tax deductions and credits. These changes were designed to support economic activity during the crisis and the growth of budget revenues in the period of recession. Local taxes, the role of which in the formation of the consolidated budget of the country is negligible, did not undergo any significant changes during and after the crisis.
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Review
For citations:
Lykova L.N. TAXATION SYSTEM OF THE UNITED KINGDOM IN THE TERMS OF FINANCIAL CRISIS. Federalism. 2015;(2):163-180. (In Russ.) https://doi.org/10.21686/2073-1051-2015-2-163-180
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