Corporation Tax Rates 1997

à Standard rate 33%

à Small companies rate (see the note) 25%

N o t e

Applicable if the company's total profits, including chargeable gains, are 300.000 pounds sterling or less. The threshold is re­duced if the company has associated companies.

Examples: Corporation Tax calculations

Example 1. Standard rate of tax Company A has accounts year ending 31 December 1996. It has taxable profits for the year GBP 2,000,000.

Company A's Corporation Tax for 1996 is GBP 2,000,000х33% = GBP 660,000

Example 2. Small companies rate of tax Company В has ac­counts year ending 31 December 1996. It has taxable profits for the year of GBP 150,000. It has no associated companies.

Company B's Corporation Tax for 1996 is GBP 150,000х25% = GBP 37,500

Words and expressions

tax		налог
tax department		налоговый отдел
taxation		налогообложение
was to visit		Он должен был посетить
solicitor		адвокат (дающий советы
		и готовящий документы
		для суда)
legal		юридический
assistant		помощник
legal assistant		помощник по юридиче­
		ским вопросам
scope		объем, диапазон
scope of business		объем бизнеса
commercial	[k@'mýSl]	торговый
commercial taxes		налог на торговые пред­
		приятия
Project Finance		проектное финансирова­
		ние
matter		вопрос, дело
taxation matters		вопросы- налогообложе­
		ния
guide	[gaId]	справочник
tax guide		справочник по налогам
rate		ставка
tax rate		ставка налога
to save		сэкономить
hint		намек, идея, отдельная
		рекомендация
tax saving hints		рекомендации для ле­
		гального уменьшения
		уплаты налогов
corporation		корпорация
note		примечание
to apply	[@'plaI]	применять
applicable		применяемый
to include		включать
including		включая
to charge		взимать, брать, взыски­
		вать
charge		взимание
chargeable		взимаемый
gains		выручка
less		менее,за вычетом
threshold	['TreShould]	порог
associated		ассоциированный
accounts year		отчетный год
taxable		налогооблагаемый
accounts yeai	эта ставка применяется к...

Unit thirty

Value added tax (VAT)

Text

Value Added Tax (VAT) is a Government tax. At present the standard VAT rate is 17,5%. Everyone in Britain must pay VAT on almost everything they buy. VAT is usually incorporated in the price.

Visitors to Britain can reclaim the tax when they leave Britain and present the appropriate documents issued by the shop. Usually when they buy rather expensive things like furs, gold, hi-fi goods etc., they should wonder if the shop operates the VAT scheme.

One day during their stay in London one of the participants went shop­ping and came into a small jeweleк's shop to buy a gold chain for his wife.

Here is his talk with the shop assistant:

Participant: Excuse me, may I have a look at one of the chains displayed in the window?

Shop assistant: Certainly, sir. What number is it?

Participant: It's nine three five, over there.

Shop assistant: Just a minute.... Yes, here you are.

Participant: And how long is it?

Shop assistant: 25 inches, sir.

Participant: And how much is it in centimeters?

Shop assistant: Let me see... oh, here is the calculator... I should multiply it by two point five two. Oh, yes, sixty three.

Participant: Very good. Just the length I wanted to have. And how much is it?

Shop assistant: One hundкed and ninety nine pounds.

Participant: Good. I'm buying it.

Shop assistant:... Here is your box and the receipt please.

Participant: Excuse me, may I reclaim the VAT tax?

Shop assistant: And where are you from?

Participant: From Russia.

Shop assistant: Just a minute, I'll consult the book. Yes, you are eligible to the reclaim. May I have your passport to fill in the form?

Participant: Here you are.

Shop assistant: Here is your passport and the form. Please fill in this sheet before you give it to the customs. How are you leaving? By plane?

Participant: Yes, by plane. And what should I do about this form?

Shop assistant: Fill in this sheet before you leave for the airport and have it stamped at the customs, at the air­port. Then post it. In a month or so you will re­ceive a cheque by post. Have it cashed at the bank stated, in Russia.

Participant: I see. Thank you very much.

Shop assistant: You are more than welcome.

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