Implications
Tax system optimization
Tax leaka ge levy an d manage ment cap ability imp rovement
Income tax rate
US
120
70 50 30
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2
Interest on certain tax-exempt State and local bonds
3 Employer-provided mployer-provided pension contribu tions
5 Certain other employer-provided benefits
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2004 2005 2006 2007
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Income tax rate
US
120
70 50 30
2 Statutory redundancy money
3 Winnings&Scholarships
5 I Income from investments m through individual savings acco
6 Local authority gra nt
us
1 Death benefits payable under a life in surance contract
US
the gross income includes earned income, .capital income and transfer income.
t
UK
1 Income from National Savings Certificates
4 Interest on damages for personal injure
2004 2005 2006 2007
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Tax Credits
Qualifying travel
expensesTravel expenses in the
Deductible
performance of duties interest Tax relief
are entitled to relief.
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2. Describe contents for a Chart
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Tax Credits
Earned Income Credit
Child tax credit
US
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• Advantages of comprehensive income tax
Tax jurisdiction
similarity
difference
They both utilize domiciliary jurisdiction
And source jurisdiction.
In US, tax obligation is also based on citizenship
Taxation System Tax jurisdiction Scope of taxation Income tax rate
Tax Credits
Taxation System
• Both UK and US are based on the comprehensive income tax base
Personal allowances
UK
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Scope of taxation
UK the computation of taxable income and income tax liab Income tax computation, personal allowances and gift Income tax computation consists of three columns--non-saving income and dividend income.
Differences and Similari ties of Personal Income Tax between UK and US
&Implications
李亭 高娟娟 袁帅 孙璐
Differences and Similarities
Implication
Differences and Similarities Contents