[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-325362-105":59,"doc-detail-325362-en":131},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":124,"head_meta":126,"extra_data":128,"updated_unix":130},105,"en","the-budget-1966-67-major-tax-proposals","THE BUDGET 1966-67 - Major Tax Proposals","","British Record explains key fiscal measures in “The Budget 1966-67,” focusing on major tax proposals. It outlines the corporation tax rate change to 40%, replacing the earlier 35% capital gains tax under specific conditions, and introduces a selective employment tax aimed at supporting jobs in service and construction industries while reducing employment costs in manufacturing. The document details collection timing, affected employer groups, premium and refund mechanisms, expected net yield, and the underlying economic rationale and expected impacts on employment, prices, and demand.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/the-budget-1966-67-major-tax-proposals/325362/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/the-budget-1966-67-major-tax-proposals/325362.png","ImageObject",300,407,{"name":92,"@type":93},"Hazel","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-23","2026-09-21",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",11,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"What change does the budget make to corporation tax?","Question",{"text":113,"@type":114},"Corporation tax is set at 40 per cent, replacing the 35 per cent capital gains tax charged under the 1965 Finance Act for qualifying companies as of April 6, 1966.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"How does the selective employment tax work and who pays it?",{"text":118,"@type":114},"The tax targets employment and construction industries to support jobs while easing manufacturing employment costs. Initially, it is collected from all employers paying normal employees; self-employed and employees do not pay it.",{"name":120,"@type":111,"acceptedAnswer":121},"When do payments and related premiums/refunds begin under the selective employment tax?",{"text":122,"@type":114},"Tax payment starts on September 5, while premiums and refunds are scheduled to be paid in February 1967.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},325362,1790472044,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":19,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":144,"read_time":52,"preview_page_count":4},137441390410,"https://ap-avatar.wpscdn.com/avatar/2000252f4ab5702993?_k=1776741390130283984","British Record  \nISSUED BY BRITISH INFORMATION SERVICESAn Agency of the British Government  \nTHE BUDGET 1966-67  \n● MAJOR TAX PROPOSALS  \n● TEMPORARY IMPORT SURCHARGE  \n● MEASURES AFFECTING EXTERNAL ACCOUNT  \n● SAVINGS  \n● FINANCIAL STATEMENT  \nMAJOR TAX PROPOSALS  \n# Corporation Tax\n\nCorporation tax is set at 40 per cent.As from April 6,1966,thisrate will replace the 35 per cent capital gains tax charged under the 1965Finance Act on companies which had not come within the charge to Corporationtax in respect of any source of income.  \n# Selective Employment Tax\n\n## (a)Details\n\nA new tax*,a selective employment tax,will at one and the same timetax employment in the service and construction industries and lessen thecost of employment in manufacturing.  \nInitially the tax will be collected from all employers throughout thecountry paying normal employees.Self-employed and employees will not paythe tax.The present system for collecting employers'national insurancecontributions will be used for collecting the new tax.Contributions willbe 25/-($3.50)a week per man,12/6($1.75)for women and boys,and 8/-($1.12)for girls.The relationship between the rates of tax for differentclasses of workers is based on the difference between the average earningsof men,women,boys and girls.  \nFor manufacturing employers the tax will be more than offset by pay-ments called premiums,at rates of 32/-($4.48)a week for men,16/3($2.28)for women and boys,and 10/6($1.47)for girls.These are approximately30 per cent higher than the tax the employers will have borne.The premiumswill be paid quarterly through the existing machinery of the Ministry ofLabor offices.  \nThe tax will be offset.but no more than offset,by refunds for localgovernment,nationalized industries,transport undertakings and,as faras is practicable through the annual review,for agriculture.The effectson Government employment will be neutral,since the Exchequer is both payerand recipient.The tax will apply to the construction industry withoutrefund,although the impact will be offset to the extent that the construc-tion industry incorporates manufactured goods,e.g.about a third of itstotal costs.  \nPayment of the tax will start on September 5,and of premiums and re-funds in February 1967.The Chancellor will consider helping the banks to  \nBRITISH RECORD is available frec on request.Material from it may be freely quoted.  \nprovide temporary credit to those entitled to premiums and refunds.  \nThe net yield from this tax is estimated at &240 million in a full yearand £315 million in 1966-67,because of the interval between the collectionof tax and payment of premiums and refunds.  \n(b)Background to the Tax  \nThe new tax is aimed at(a)avoiding the adverse effects of increasesin purchase tax and income tax,(b)broadening the tax base,(c)promotingthe long-run structural changes necessary for a healthy balance of paymentsby countering the distortion in favor of consumer spending on servicesinherent in a developed economy and encouraged by the tax system.SinceBritain's labor force is expected to grow only slowly,growth of outputwill depend on increasing productivity,which entails making the mosteffective use of manpower.A universal payroll tax would not achieve thisaim and its effect on costs would be merely like a general wage increase.A differential tax is needed,to increase labor costs in services and reducethem in manufacturing.  \nThe value of manufactured consumer goods subject to purchase tax andexcise duties sold in Britain in the course of a year comes to about S6,000million,excluding the cost of distribution.Of this sum tax accounts forabout 40 per cent.But the amount paid by consumers for services of variouskinds,including the distribution of goods they buy,but excluding passengertransport,is even larger—about &7,000 million.Out of this indirect taxaccounts for less than l per cent.  \nThe existing arrangements have tended to shift the pattern of con-sumer spending in favor of services and hence to ","cbCaifL7T5QsJTmE","https://ap.wps.com/l/cbCaifL7T5QsJTmE","pdf",265976,"English","# MAJOR TAX PROPOSALS\n## Corporation Tax\n## Selective Employment Tax\n### (a)Details\n### (b)Background to the Tax\n## Betting and Gaming\n# Other Taxes\n## Investment and","[{\"question\":\"What change does the budget make to corporation tax?\",\"answer\":\"Corporation tax is set at 40 per cent, replacing the 35 per cent capital gains tax charged under the 1965 Finance Act for qualifying companies as of April 6, 1966.\"},{\"question\":\"How does the selective employment tax work and who pays it?\",\"answer\":\"The tax targets employment and construction industries to support jobs while easing manufacturing employment costs. Initially, it is collected from all employers paying normal employees; self-employed and employees do not pay it.\"},{\"question\":\"When do payments and related premiums/refunds begin under the selective employment tax?\",\"answer\":\"Tax payment starts on September 5, while premiums and refunds are scheduled to be paid in February 1967.\"}]","THE BUDGET 1966-67 - Major Tax Proposals | PDF",1789970328]