What is meant by the term tax base?

The tax base is the total amount of income, property, assets, consumption, transactions, or other economic activity subject to taxation by a tax authority.

What is a regressive tax and give at least one example?

Regressive taxes place more burden on low-income earners. They take a higher percentage of income on the poor than on high-income earners. Taxes on most consumer goods, sales, gas, and Social Security payroll are examples of regressive taxes.

Who is responsible for paying excise duty?

Explanation: The registered keeper of the vehicle is responsible for paying the vehicle excise duty or making a Statutory Off-Road Notification (SORN) if the vehicle is to be kept untaxed and off the road.

What are two examples of products that have an excise tax?

Some example excise taxes that are levied by the federal government include:

• Alcohol: per unit excise tax.
• Tobacco products: per unit excise tax.
• Firearms and ammunition: per unit excise tax.
• Gasoline and diesel: per unit excise tax.
• Sport fishing equipment: percentage of price excise tax.

What are the 4 tax bases?

The four most used tax bases are individual income, corporate income, sales, and property.

What are the three types of tax bases?

Tax systems in the U.S. fall into three main categories: Regressive, proportional, and progressive. Two of these systems impact high- and low-income earners differently. Regressive taxes have a greater impact on lower-income individuals than the wealthy.

What is an example of a regressive tax?

regressive tax, tax that imposes a smaller burden (relative to resources) on those who are wealthier. Consequently, the chief examples of specific regressive taxes are those on goods whose consumption society wishes to discourage, such as tobacco, gasoline, and alcohol. These are often called “sin taxes.”

What is an example of a progressive tax?

Examples of progressive tax include investment income taxes, tax on interest earned, rental earnings, estate tax, and tax credits. The opposite of the progressive system is the regressive tax rate where tax liability reduces as the taxable amount increases.

What is HMRC’s policy on child-sized clothing?

HMRC will accept that garments are designed for young children provided they are at or within the tabled measurements. These measurements are based on children up to the eve of their 14th birthday, as this is when the body dimensions begin to merge with those of the general adult population.

Can I buy tax-free goods from shops in Northern Ireland?

You can only buy tax-free goods from shops in Great Britain (England, Wales and Scotland) if they’re delivered straight to an address outside the UK. Check with the retailer if they offer this service. You may be able to buy tax-free goods from some shops when you visit Northern Ireland.

What are the different levels of taxation in the United Kingdom?

Taxation in the United Kingdom may involve payments to at least three different levels of government: central government ( Her Majesty’s Revenue and Customs ), devolved governments and local government. Central government revenues come primarily from income tax, National Insurance contributions,…

Can you zero rate clothing for children?

You cannot zero rate articles of clothing which are sold in one size only and that are suitable for both children and adults. Articles that stretch to fit, such as some sportswear, can be zero-rated provided the garment is designed to fit a body size in accordance with paragraph 4.2.2.