Tax Definitions
 Income Tax
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Annual tax levied by the government on an individual's or corporation's net profit.
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Capital Gains Tax
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Tax levied on the profit obtained from buying or exchanging a long term asset such a property or stocks and shares.
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Wealth or Property Tax
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Local tax assessed on property owned, such as real estate or automobiles.
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Inheritance Tax
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A tax imposed on the privilege of inheriting something, paid by the recipient.
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Corporation Tax
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Corporation tax is charged on the profits made by companies. Unless you run your business as a company, you will not be liable to pay it. If you are not trading through a limited company you probably won't have to think about corporation tax, but you should check whether it will apply to your business. For instance, a business run as a
co-operative (not a partnership) is taxed as a company. If this applies to you, you should ask an accountant for advice.
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