Stamp Duty: Policy Evaluation

cachet concern Policy EvaluationEXAMINING STAMP DUTY AN IDEAL presidential term REVENUE MACHINE AND A BURDEN TO BRITISH CITIZENS sealskin affair spate be a costly part of some(prenominal) routine of common movements in Britain from buying a home to invest in a U.K. comp whatso eer. In come in to truly sympathise the stagecoach to which this r sluiceue enhancement enhancement impacts a transactions bottom line, it is important to downstairsstand tout ensemble the scenarios in which cutter vocation is birthable as closely as determine what type of relief and dischargeions be open. Before find out if stereotype business is an sublime measure, it is also vital to gather secure opinions on the various types of ships boat concern, the reasons these taxes were created, and how recent changes ar affecting British citizens and businesses. While the political science may find seal employment a perfect fulfilment of taxation principles due to its simplicity and the considerable receipts gene estimated, mildew concern seems to be shoot downsome and impedes the financial success of some residents who dream of homeownership and to those com moveies who want to increase their market rate finished the monetary investment company exchange system.There argon three types of stamp traffic stamp job, stamp duty refine tax, and stamp duty unobtrusiveness tax. legal tender duty is a charge on instruments (Thomas 2003). stamp duty is a oecumenical term for a tax that is levied on the grease ones palms of shares and on property. While in that location is a suave rate for the purchase of shares, the rate for property has a range tied to different home purchase price thresholds.Considered a modern tax in its own proper(a) rather than an offshoot of stamp duty, the stamp duty estate of the realm tax went into effect on 1 December 2003 (Thomas 2003). This tax is charged to tout ensemble land transactions whether or non it is act u in all(a)y stamped, or recorded, in a document (Thomas 2003). Included in these transactions are all types of property, including ho routines, flats, separate buildings and land. What it really is considered is a land transaction unless it retains the extension to stamp duty to link its activities to the original taxation system (Thomas 2003). The tax must be paid by the person buying the land and it is calculated as a percentage of the total purchase price. No stamp duty land tax is paid on any transaction under 125,000. One per cent is paid on anything determine between 125,000 and 250,000. From 250,001 to 500,000, the tax is three per cent and anything valued at 500,001 is taxed at four per cent (DirectGov 2006).The stamp duty land tax has been founded on an entirely new set of concepts and is presently enforceable against the purchaser under a strict new self-assessment regime (Thomas 2003). While some of the comparable relief provisions ache been carried through with (predicate) and through from the stamp duty tax, otherwise changes hold up been made to discourage certain types of transactions. For display case, if the purchase price of a property is 150,000 and the government has designated that area as disadvantaged, no stamp duty land tax is necessitate (DirectGov 2006). re rollment provisions that are well-unplowed from stamp duty include all the major provisions nevertheless that group relief, reconstruction and acquisition reliefs, and charities relief are now intentional in a manner that prevents exploitation for tax planning purposes (Thomas 2003). Relief is now available for builders who make purchases in part-exchange as well as for transactions non made for chargeable consideration (Thomas 2003).The stamp land duty tax was designed to achieve a number of purposes. As with any tax, it was created as a way to deck out more revenue for the government. The tax does this by stopping the loopholes in the stamp duty that were empl oy for planning purposes (Thomas 2003) requiring the purchaser to file a tax return and pay the tax within thirty days of the close of the land transaction (Thomas 2003), and introducing a new upfront levy on the value of the letting stream over the full term of the lease preferably of on the average annual rent (Thomas 2003).The last of the three types of stamp duty is the stamp duty reserve tax. This tax is paid on any U.K share transactions when a person buys shares in a bon ton that is incorporated in the UK or in a foreign federation that maintains a share register in the UK (DirectGov 2006). These shares can be bought through a stockbroker and completed on paper forms or electronically through CREST, the electronic settlement and registration system (DirectGov 2006). The tax is a flat rate of 0.5 per cent based on what is paid for the shares, not what they are worth (DirectGov 2006). A higher rate of 1.5 per cent is paid when shares are transferred into a depository receip t scheme or a head service (DirectGov 2006). The fees are paid through the CREST system if a person rehearses a brokerage but are paid directly if this system is not used (DirectGov 2006).Even if a person does not pay cash but provides something else of value in exchange for the shares, the stamp duty reserve tax is based on the value of what the person gives for those shares (DirectGov 2006). Other situations that require payment of stamp duty reserve tax is when a person buys an option to buy shares, rights arising from shares and an interest in shares (DirectGov 2006).The plainly time the stamp duty reserve tax does not have to be paid is when shares are assumption to a person for aught or a person buys foreign shares.One area where stamp duty revenue tax has been causing some dilemmas is with unit trusts, unrestricted investment companies, and the structure of stakeholder pension products. The surmount example of this is with companies that provide CAT-marked investmentsS tamp duty reserve tax arises when investors buy or sell units in the fund, and is generally paid for by the fund. It cannot be forecast accurately in advance, for the ultimate liability provide depend on itemors beyond the fund managers control. Yet this tax must be included in work out whether charges to investors meet the CAT standard of 1 per cent a year, contempt the fact that it is not a charge made by the ISA provider, but a government tax. This has led providers to question the commercial liability implied by offering a CAT-market product (Warland 2000).The net result of the stamp duty reserve tax is that it is complex to divvy up, really difficult for fund investors to understand, and did raise significant revenue (Warland 2000). It has been argued by the figures within the City of London, including the London broth Exchange, that stamp duty reserve tax should be scrapped because it undermines the competitiveness compared with other financial centres and distorts secu rities trading (Wighton 2006). The National Association of Pension Funds says that stamp duty increases transaction costs, which are then passed onto employers (Brown-Humes 2006). Stamp duty reserve tax is also considered controversial because it accounts for a greater proportion of general share transaction costsbecause broker commissions and other costs have fallen (Brown-Humes 2006).In feel at the complete stamp duty tax scheme, the changes in the finance Act of 2003 were intended to bring recover that was considered long overdue as well as infuse the government with much-needed revenue. Prior to that, legislation had been considered outdated and inadequate especially considering the real value that revenue from such a tax could yield (Thomas 2006). Prior to the Finance Act of 2003, the HM Revenue Customs (HMRC)did not have the indicant to enforce the stamp duty on any transaction that was not properly stamped (Thomas 2006). To the HMRC, clamping down on perceived avoidance was the dominant cause for change (Thomas 2006). To them, it was unfair for well-advised taxpayers to avoid paying tax through good planning, as this puts an unfair share of the tax burden onto everyone else (Thomas 2006). From this doctrine was born the some recent stamp duty requirements. In looking at the principles of taxation, stamp duty is ideal in that it is easy to administer and collect (Brown-Humes 2006). To everyone else outside of the government, the tax is considered less than ideal.As one of the n earlyish hotly debated government schemes and deemed a tax on the masses (Barrow 2006), it has been hold by the chancellor that stamp duty land tax does place a burden on the average British citizen. According to figures released in May 2006, stamp duty is raking in revenues of 1 billion per month (Barrow 2006) between residential and commercial transactions as well as share investment. These figures far surpass any tax amount ever demanded from citizens in Britains his tory (Barrow 2006). . In fact, one writer went as far as to say that the stamp duty has been one of the most lucrative stealth taxes developed by New Labour (OKelly 2006). As one economist noted, We have now got to the level where it is hitting mainstream home-owners. Its only going to get worse (Barrow 2006). According to Halifax, Britains biggest owe lender, 2.6 million homeowners had to pay stamp duty land tax (Barrow 2006). That equates to quintuplet out of six homeowners feeling this burden (Barrow 2006). Another way to cut and dice the figure comes from the Council of Mortgage Lenders. They found that 55 per cent of first-time buyers and 86 per cent of home-movers paid the tax in September.The government has retorted that there are a number of relief provisions in place. It was recently announce that new no pre-existing dwellings that are considered zero-carbon homes sill be completely exempt from stamp duty (Goff and Harvey 2006). While attractive to new homeowners, thi s is not very realistic as many first-time buyers are not prepared to wait in such a revolutionary dwelling or they comprise in an area where there is not enough renewable power to power these homes (Goff and Harvey 2006).Another move intended to decrease the burden was the proclamation last year to increase the threshold at which stamp duty is triggered (Batchelor 2006). As one finance expert noted, If stamp duty had kept pace with rising house prices since 1993 the threshold would have been set at 190,000 instead of 125,000 (Batchelor 2006). It seems as if the rising house prices are making the new threshold rate seem ineffective as a relief. As Matthew Wyles of the Portman Building Society said, Stamp duty continues to be a profoundly unfair tax to all who pay it. The burden of this tax will continue to increase unless the government undertakes a radical alteration to its insurance in this area and abandons its current strategy of making the occasional enhancive tweak to th e threshold to keep criticism at bay (Houlder 2006).The chancellor decided to end seeding relief, which was intended to help on transfers of property into a unit trust with immediate effect (Batchelor 2006). Revenue from taking away(p) this relief is expected to raise 50 million annually (Batchelor 2006). youthful changes also problematic not making partnerships that are involved in a trade or profession responsible for stamp duty for land transactions owned by that partnership (Batchelor 2006). It seems as though the government could still use this lucrative tax to levy sellers instead of buyers since it is usually the sellers who are involved in investment schemes. It might even make sense to still gain this revenue from non-residents who tend to chew over in the property market, making home ownership less executable for the first-time resident buyer (OKelly 2006).While it may seem want an ideal tax in the minds of the government and a solution to stopping investors from exp loiting the system, it for sure does nothing to help citizens who are already struggling to buy a home let alone pay the stamp duty required on the transaction. Recent announcements to raise interest rates alongside the vehement housing price inflation only exacerbate a house servant problem that has been brewing for as long as the stamp duty policies have existed. Homeownership and investment should not create a financial burden for citizens in Britain because the government wants to resort to an overuse of its taxation powers. The concern, however, is that if stamp duty was ever scrapped and the government continued to overspend, whatever tax scheme replaced stamp duty might be a jump from the frying pan into the fire.REFERENCESBarrow, Becky 23 May 2006, Stamp Duty Rakes in 1bn a Month, periodical Mail.Batchelor, Charles 23 March 2006, Stamp Duty, Financial Times.Brown-Humes, Christopher 21 October 2006, Stamp Dutys Hidden Benefit Its the Devil-you-know Tax, Financial Times.DIR ECTGOV 2006, Tax on Buying Shares, Available at http//www.direct.gov.uk/MoneyTaxAndBenefits/Taxes/TaxOnSavingsAndInvestments/TaxOnSavingsAndInvestmentsArticles/fs/en?CONTENT_ID=10013514chk=Tac6CP.Goff, Sharlene and Harvey, Fiona 9 December 2006, granting immunity from Stamp Duty Seen as Token Gesture, Financial Times.Houlder, Vanessa 7 September 2006, Amount Paid in Stamp Duty Up 30%, Financial Times.OKelly, Sebastian 12 March 2006, How Brown is remedy Coining It with His Unfair Stamp Duty the Chancellor is Milking Homebuyers. But Shouldnt His larceny Tax Target Sellers Instead? The Mail on Sunday, p. 13.Thomas, Michael 2003, Introduction to Stamp Duty Land Tax, Cambridge University Press.Thomas, Michael March 2006, Stamp Duty Land Tax, second Edition, London Cambridge University Press.Warland, Phillip 17 February 2000, How Stamp Duty Reserve Tax Threatens cheap Savings, Financial Times.Wighton, David 27 July 2006, Balls Faces Calls to Scrap Stamp Duty, Financial Times.clinical psychology History, Influences and Applicationsclinical psychology History, Influences and ApplicationsMyrto GiannakopoulouEach student is expected to select data and produce an information pack targeted at a field/ charge of his/her interest in Psychology (e.g. clinical Psychology, Educational Psychology, Cognitive Psychology for example, you can select information via observing or/and interviewing a maestro preferable or secondary reading). The above package will be go with by an academic, reflective essay supporting the choice above (e.g. relieve your interest on this scientific area of Psychology, describe the basic issues of the professed(prenominal)s interest in this field, refer to the basic taught psychological scathe and concepts that you noticed to this scientific area, etc.).Nowadays, applied psychology has four main sub-categories which are clinical, educational, occupational/industrial and criminological/legal. Clinical psychology refers to treating emotional a nd behavioural disorders. Educational psychologists work with children and adolescents and their families and they give more importance in the capability of teaching and learning methods. Occupational psychology is applied into workplaces in order to improve the productivity of the employees and to increase the levels of job satisfaction. Criminological psychology is involved in the criminal and legal system and facilities such as prisons and courts or the police force. It has two branches, forensic and investigative psychology.In this project we are going to analyze the field of Clinical psychology. Clinical Psychology is a part of applied Psychology and it focuses on the treatment and understanding of behavioral and psychological problems. Clinical psychology is often confused with psychiatry because clinical psychologists also work with people with amiable disorders and they use the same methods of therapies. Their deflection is that psychiatrists can give medicine, thus clin ical psychologists are forbidden to do so.Clinical psychology was developed in 1896, when Lightner Witmer, who is regarded as the father of Clinical psychology, established the first psychological clinic in the University of Pennsylvania. The clients of Witmers clinic were children with learning difficulties and with behavioural disorders. Next, in 1904 Alfred Binet and Theodore Simon created the Binet-Simon scale which is a test that can identify children with mental constipation and children with normal mentality and it influenced the development of clinical psychology in USA. Witmer denied the helpfulness of this scale and this is why he disappeared from the scene of clinical psychology. Later, in the early 20s, the psychiatrist William Healy established the Juvenile Psychopathic Institute, the worlds first child pleader clinic. Additionally, Healy in his clinic used the Binet-Simon scale for the children and adapted Freuds theory for the unconventional behaviour.Clinical psy chology has been influenced from human physiology. For example, the term psychopathology includes the words pathology (disease) and psyche, which means that mental disorders have a biological basis. In other words, a mental disorder is considered as a dysfunction in the physiology of a person that appears in his behaviour. According to the medicine, the causes of a mental disorder are illogical in three general categories the infectious diseases (e.g. encephalitis which is an inflammation of the judgment and its symptoms are familiar with those of dementia, such as memory loss), diseases that are relate with the dysfunction of a human organ (e.g. diabetes) and traumatic diseases that arise from outer or environmental causes (e.g. a hit in the head can cause cerebral hemorrhage and can also provoke problems in behavior such as coma, memory loss, and in the flesh(predicate)ity disorder).Clinical psychologists do more than talk to people who are distressed about personal matter. They often do different types of activities from teaching to psychotherapy to laboratory look for and this is why they need to have a special training architectural plan in clinical psychology. After obtaining their degree, they can apply for a operate course in clinical psychology, which usually lasts three years and at the same time do their apprenticeship, in order to gain puzzle in their field.Furthermore, look is the basis of all clinical psychology activities. interrogation programs, help to understand which approach could be more effective for a clinical problem such as depression, anxiety, eating, or panic disorders, personality disorders, phobias, etc. They can also focus on various populations like families, couples, ethnic minority groups such as gay, lesbians, etc. Although not all of the clinical psychologists are involved with research, they should be informed about other researches, in order to improve their own clinical work. Most of them use various tests or questionnaires to help them to their work or to their research. These tests have many measures, such as cognitive, behavioral, neuropsychological etc.On the other hand, in research there are certain problems. The most important is the fact that the researchers and the participants are human and the results are not solid, because the participants behave in a different way than their ordinary life, for example they are too justificatory because they try to hide their thoughts from the researchers or they behave too normal, because they know how the investigate works. This happens because the participants are part of the society and n this way they try to be socially accepted and it is know as the Hawthorn effect. Despite all that, psychologists try to use multiple ways of reducing such effects, for example by using double-blind questionnaires.Another important practice that is used in the fields of Psychology is the Evidence-based practice (EBP). It is a process that involves the co nscientious, explicit, judicious use of current best evidence in making decisions about the trade of individual(a) patients (Sackett, Rosenberg, Gray, Haynes, Richardson, 1996). Specifically, this practice gives to therapists a general guidance for addressing any given disorder in the best possible manner, based on research that they can use, but even if they dont follow it to the garner is not wrong as long as they act in accordance to their professional experience. Although, it must be pointed out that these guidelines are general and do not take into account each persons individuality and uniqueness. Another approach to EBP is the Ideograpdic one that takes into account each individual person and its singularity and is used by most health professions. Furthermore, there are three circles of Evidence Based Clinical practice, also known as the three -legged stool. The first circle represents the best available research proof, the second circle represents clinical expertness an d finally the ordinal circle includes the patient values, the preferences, the characteristics and the circumstances. Those three have to be combine in order to achieve the best clinical practice.Overall, Clinical Psychology is a complex field that parallels the complexity of human behavior and emotion and it combines and associate human behaviour to stimulus created by people external environment such as everyday human relationships and interactions, health etc, and it explains the way it affects us.Referencesbow-wow M. (2003). Introductory Psychology History, Themes and Perpectives, CrucialKendall D., C., Norton Ford J., D. (1982). Clinical Psychology scientific and professional dimensions. New York J. Wiley.Plante T., G., (2005). Contemporary Clinical Psychology, New Jersey J. Wiley Sons, Inc.Sackett, D. L., Wennberg, J. E. (1997). Choosing the best research design for each question. British Medical Journal, 315, 1636.Wiley Periodicals, Inc. J Clin Psychol (2007). Evidence- Based praxis in Clinical Psychology What It Is, Why It Matters What You Need to Know. Journal of Clinical Psychology, 611-631