Key term glossary

Apprenticeship Levy

Tax on payroll costs of large companies designed to fund increased training

Business rates

Tax on commercial property

Capital gains tax

Tax on returns that people earn from investments e.g. in stocks and housing

Carbon tax

Tax on emissions designed to promote switch to renewable energy

Corporation Tax

Tax on the profits of companies.

Council Tax

Tax levied by local authorities based on property values

Excise duties

Taxes on fuel, tobacco, alcohol and gambling

Income tax

Main direct tax on earned income

Inheritance tax

Tax collected on the property (estate) left by a person to heirs in a will

Landfill tax

Tax to discourage the disposal of waste

National insurance

Payroll tax paid by both employers and employees

Stamp Duty

Tax paid when commercial or residential property is bought

Sugar tax

Tax on high sugar drinks

Tobin Tax

Proposed tax on financial transactions, especially speculative currency transactions.

Value Added Tax

Indirect tax on suppliers of goods and services