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Unit 1: Topic 5: Understanding tax

Teacher: Mrs Rennie Student: ...................

Understanding tax

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

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