Taxes Flashcards
1
Q
What is capital gains tax?
A
A tax on the profit when you sell an asset that has increased in value. The Increase is taxed
2
Q
What is a windfall tax?
A
A windfall tax is a one-off tax levied by governments against certain industries when economic conditions allow those industries to experience above-average supernormal profits
3
Q
What is corporation tax?
A
Tax your company pays on company profits (limited companies)
4
Q
What is stamp duty?
A
Tax paid by the buyer of a uk residential property when the purchase price exceeds £250,000
5
Q
What are national income distributions?
A
Used to pay for benefits and help fund the nhs
Tax paid on earnings by employers and employees
