financial revision 0.0 / 5 ? Accountingtopic 5GCSEOCR Created by: itickleurmum2Created on: 14-10-16 22:28 Annual budget an outline, given by the Chancellor of the Exchequer, of planned government expenditure for the next financial year. 1 of 15 Capital gains tax A tax on the increase in value of an asset, such as land or shares. 2 of 15 Corporation tax A tax paid by businesses. 3 of 15 Direct tax Tax that is taken directly from income or wealth. 4 of 15 Excise duty A tax levied on the manufacture or sale of specific goods, such as tobacco and alcohol. 5 of 15 Indirect tax Tax that is charged on spending, or on goods and services. 6 of 15 Inequality of income A situation in which some people have a much higher income than others. 7 of 15 Infrastructure the physical and organisational structures and facilities that are needed for a society to run properly. 8 of 15 Inheritance tax A tax levied on the value of property, or money, bequeathed after death or given as a gift. 9 of 15 Flat-rate tax Tax that is the same proportion at all levels of income. 10 of 15 Redistribution of income A govenrment policy aiming to reduce inequalities of income by increasing lower incomes and / or reducing higher incomes in some way. 11 of 15 Social justice The ideal that people should have equal opportunities and equal access to resources. 12 of 15 Stamp duty Tax paid when buying a property or land. 13 of 15 VAT (value added tax) Tax that is added to the price of goods and services. 14 of 15 Variable tax Tax that varies in level depending on income. 15 of 15
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