Finance Act 2006
The Finance Act 2006 is an Act of the Parliament of the United Kingdom prescribing changes to Excise Duties; Value Added Tax; Income Tax; Corporation Tax; and Capital Gains Tax. It enacts the 2006 Budget speech made by Chancellor of the Exchequer Gordon Brown to the Parliament of the United Kingdom.
In the UK, the Chancellor delivers an annual Budget speech outlining changes in spending, tax and duty. The respective year's Finance Act is the mechanism to enact the changes.
The rules governing the various taxation methods are contained within the various taxation acts. The Finance Act details amendments to be made to a variety of such Acts.
The Act made changes to the treatment of trusts for Inheritance Tax purposes. Specifically, it removed the exemption from inheritance tax for accumulation and maintenance trusts.