Level 12
Level 13

Different types of taxes


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Stamp Duty
A tax on property purchases
Income tax
A tax on incomes
Road Tax
Also known as vehicle excise duty, a tax on car ownership
Council Tax
A tax levied by local authorities to pay for public services such as policing etc.
Business Rates
A tax levied by local authorities on businesses to pay for local services
Value Added Tax
A sales tax paid when purchasing most goods, calculated as a percentage of the prices of the good (presently 20%)
National Insurance
A tax on incomes that pays for certain state benefits. Contributions from the individual are matched by the employer.
Inheritance Tax
A tax levied on the estates of the deceased
Corporation Tax
A tax levied on firms' profits.
Duties
Taxes on petrol, cigarettes, alcohol etc.
Capital Gains Tax
A tax on the gains from the sales of investment assets such as shares