The United Kingdom corporation tax is a tax levied in the United
Kingdom on the profits made by UK-resident companies and associations.
It is also levied on non-UK resident companies and associations which
trade in the UK through a permanent establishment. The tax was
introduced by the Finance Act 1965, which simultaneously removed
companies and associations that became liable to corporation tax from
the charge to the income tax. The tax borrowed its basic structure and
many of its rules from income tax. Recently the tax has come under
pressure from a number of sources. Tax competition between
jurisdictions has reduced the headline charge to 30 percent; judgments
from the European Court of Justice have found that certain aspects of
UK corporate tax law are discriminatory under European Union treaties
and are expected to continue to do so; and tax avoidance schemes
marketed by the big accountancy and law firms and by banks have
threatened the tax base. The British government has responded to the
last two by introducing ever more complex legislation to counter the
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Today's selected anniversaries:
Herman Hollerith received a patent for his punch card calculator.
George Orwell's dystopic political novel Nineteen Eighty-Four was
Flint-Worcester Tornadoes: A tornado hit in Flint, Michigan, killing
115. This was the last tornado to claim more than 100 lives.
Six-Day War: The intelligence ship USS Liberty was attacked by Israel
Defense Forces in the USS Liberty incident, killing 34 Americans.
Popular editorial site suck.com
published its final article: "Gone
Wikiquote of the day:
"I have something to tell you today. Mac OS X has been leading a
secret double life— for the past five years." -- Steve Jobs