Asides from Income Tax, what other taxes are levied in the United Kingdom?
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Good question! As the UK government frowns on tax evasion and other malpractices.
Apart from income tax, the UK government levies the following taxes;
Corporation tax
This is the tax levied on business owners. This has been increased from 19% to 23% in recent years.
Inheritance Tax
This is the tax on properties inherited in the UK. This is usually at a standard rate of 40% and it applies to both foreigners and indigenes.
VAT (Value Added Tax)
This is levied on almost every good and service purchased. With a few exceptions for some children’s items. It is usually at a standard rate of 20%.
Other taxes include Insurance premium tax; Stamp, land, and petroleum revenue taxes; Environmental taxes; Climate change and aggregates levy, and landfill tax. All business owners are exposed to corporate, income taxes (for all staff), and others depending on the industry they work in.