Types of Tax

Question 1

Income tax

Answer 1

Payable by individuals on most incomes

Question 2

National insurance contributions

Answer 2

Payable by individuals who are employed/self-employed
Businesses in relation to their employees

Question 3

Capital gains tax

Answer 3

Payable on individuals on the disposal of capital assets

Question 4

Inheritance tax

Answer 4

Payable by individuals on lifetime and death transfers of assets

Question 5

Corporation tax

Answer 5

Payable by companies on income and chargeable gains

Question 6

Value added tax (VAT)

Answer 6

Payable by final consumer on purchases of most goods and services