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Direct taxation |
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Direct taxationTaxes which are imposed directly on the individual paying them. Examples of direct taxation are income tax, capital gains tax and inheritance tax.Similar MatchesIndirect taxationIndirect taxationTaxation which is levied in an indirect way rather than being charged directly on an individual's income or estate.The main example in the UK is value added tax (VAT) charged on goods and services and paid by consumers. Double taxation reliefDouble taxation reliefPeople resident and domiciled in the UK are liable to income tax from their world-wide income payable to the Inland Revenue. Other countries operate similar taxation rules so that there could arise a situation where an individual is subjected to double taxation. Double taxation relief can be obtained when agreements exist between countries whereby tax already paid on income in a foreign country is offset against the same tax liability in the home country or vice versa. Double taxationDouble taxationTaxation of corporate earnings and subsequently taxation of dividends. Property income taxationProperty income taxationSee: 'income from property'. Progressive taxationProgressive taxationCharacterizes a convex tax schedule that results in a higher effective tax rate on higher income levels. Increases for some increases in income, but never decreases with an increase in income. Further SuggestionsDouble taxation |
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