politics: ECONOMY Flashcards
1
Q
What is income tax?
A
direct tax people pay on their earnings. taken by employers
2
Q
what is national insurance?
A
paid by people who have jobs is spent on pensions, benefits for ill-workers
3
Q
what is VAT?
A
tax paid by consumer based on what they spend. (some items have zero-low VAT) items include: food, books, electricity, gas
4
Q
what is excise duty?
A
tax paid on alcohol, fuel and tobacco
5
Q
what is cooperation tax?
A
businesses pay on their profits
6
Q
what is business rates?
A
business pay on premises
7
Q
examples of other government tax?
A
can include vehicle excise duty, taxes on house purchases, inheritance tax, loans and invesments
