Different types of taxes

[Annie]

Source of money
 Income tax
 VAT
 Duties

Capital taxes
Tax Suffered by
Income tax: Individual, partnership
Corporation tax: Companies
NIC: Individual, partners, employers
VAT: Final consumer

Revenue taxes
Tax Suffered by
Capital gains tax: Individuals, partnerships, (companies pay corporation tax on their gains)
Inheritance tax: Individuals

Direct taxes
 It is tax on income or capital
 Tax imposed directly on taxpayer
 Taxes are progressive

Indirect taxes
 Taxed on peoples spending
 Taxed on what people spend rather than what they earn
 Tax is same for all

Annie