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Other Tax

Income Tax is your contribution to government spending on things like transport, health and education. How much you pay depends on how much you earn.

HM Revenue & Customs (HMRC) gives you a tax code, which you'll see on your payslip. Your employer uses your tax code to work out how much Income Tax to deduct from your wages through the PAYE system.

At the end of each tax year your employer will give you a form - your P60 End of year certificate - showing your total gross pay for the year and how much tax you've paid.

Corporation Tax is a tax on the taxable profits of limited companies and other organisations including clubs, societies, associations and other unincorporated bodies. This guide gives you a basic overview of Corporation Tax. It tells you what Corporation Tax is, who's liable and what you must do and when if you are subject to Corporation Tax requirements.

Capital Gains Tax is a tax on the gain or profit you make when you sell, give away or otherwise dispose of something that you own, such as shares or property. There's a tax-free allowance and some additional reliefs that may reduce your Capital Gains Tax bill.

Inheritance Tax is usually paid on an estate when somebody dies. It's also sometimes payable on trusts or gifts made during someone's lifetime. Most estates don't have to pay Inheritance Tax because they are valued at less than the threshold (£325,000 in 2010-11).

Stamp Duty Land Tax (SDLT) is generally payable on the purchase or transfer of property or land in the UK where the amount paid is above a certain threshold. In addition most UK land and property transactions must be notified to HM Revenue & Customs (HMRC) on a Stamp Duty Land Tax return within a certain time limit - even if no tax is due.

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