Unrelated Business Income Tax Unrelated Business Income Tax Unrelated Business Income Tax (UBIT) in the U.S. Internal Revenue Code is the tax on unrelated business income, which comes from an activity engaged in by a tax-exempt 26 USCA 501 organization that is not related to the tax-exempt purpose of that organization. For most organizations, a business activity generates unrelated business income subject to taxation if: A trade or business includes the selling of goods or services with the intention of having a profit. An activity is regularly carried on if it occurs with a frequency and continuity, similar to what a commercial entity would
Working Tax Credit Prime Minister Tony Blair also apologised to Parliament over the incident. The Working Tax Credit scheme was subject to much criticism, particularly in the wake of the difficulties surrounding its implementation. Criticism focused on the way that credits are calculated on an annual basis, leading to overpayment, followed by large demands for repayment, which those on low income may find difficult to meet. David Harker, chief executive of Citizens Advice, commented "This is an untenable system. An annualised system doesn't provide the stability of income required by low income families." In addition, the scheme was accused of being over-complicated and