1 | Annual Budget | | _____ | a government policy aiming to reduce inequalities of income by increasing lower incomes and / or reducing higher incomes in some way. |
2 | Capital gains tax | | _____ | a situation in which some people have much higher incomes than others. |
3 | Corporation tax | | _____ | tax that is taken directly from income or wealth. |
4 | Direct tax | | _____ | a tax on the increase in value of an asset, such as land or shares. |
5 | Excise duty | | _____ | an outline, given by the Chancellor of the Exchequer, of planned government expenditure for the next financial year. |
6 | Indirect tax | | _____ | a tax levied on the manufacture or sale of specific goods, such as tobacco and alcohol. |
7 | Inequality of income | | _____ | the ideal that people should have equal opportunities and equal access to resources. |
8 | Infrastructure | | _____ | a tax that is added to the price of goods and services. |
9 | Inheritance tax | | _____ | a tax paid when buying property or land. |
10 | Flat-rate tax | | _____ | a tax paid by businesses. |
11 | Redistribution of income | | _____ | the physical and organisational structures and facilities that are needed for a society to run properly. |
12 | Social justice | | _____ | tax that is charged on spending, or on goods and services (eg VAT in the UK). |
13 | Stamp duty (or stamp duty land tax) | | _____ | tax that is the same proportion at all levels of income. |
14 | Value added tax (VAT) | | _____ | a tax levied on the value of property, or money, bequeathed after death or given as a gift. |
15 | Variable tax | | _____ | tax that varies in level depending on income, ie a greater proportion of tax is taken from higher incomes and a lower proportion from lower incomes. |