Featured explainers
![Retirement image of clock and money](/sites/default/files/styles/16_9_medium_896x504/public/2021-10/Retirement-image-of-money-and-clock.jpg?h=d54b3d8e&itok=zXfgfcTu)
Taxation of private pensions explained
Private pensions are tax-favoured relative to most other forms of saving. The extent of the tax advantages varies between people.
![Wage slip](/sites/default/files/styles/16_9_medium_896x504/public/2021-05/Wage-slip_4.jpg?h=d54b3d8e&itok=XTaJE5SQ)
Income tax explained
Income tax is the single most important source of revenue for the UK Treasury, accounting for about a quarter of total tax revenue.
![National Insurance card](/sites/default/files/styles/16_9_medium_896x504/public/2021-05/National%20Insurance%20card%20image_0.jpeg?h=1ce2cf88&itok=h93Psz41)
National Insurance contributions explained
National Insurance contributions (NICs) are the UK’s second-biggest tax, expected to raise just under £170 billion in 2024–25 – around a sixth of all tax revenue.
![Office blocks](/sites/default/files/styles/16_9_medium_896x504/public/2021-06/Office-blocks.jpg?h=d54b3d8e&itok=utJqg5dP)
Corporation tax explained
Corporation tax is the fourth biggest source of revenue for the UK Treasury and is forecast to raise around £40 billion in 2021–22.
![Tax documents](/sites/default/files/styles/16_9_medium_896x504/public/2021-06/Tax%20documentation.jpg?h=d54b3d8e&itok=YgK-Jw99)
IFS tax survey
An overview of all UK taxes.
![Mansion](/sites/default/files/styles/16_9_medium_896x504/public/2024-03/Mansion.jpg?h=d54b3d8e&itok=om96DRI3)
Inheritance tax explained
Inheritance tax is levied on wealth bequeathed at death, or given away shortly before death, above a threshold. Around 5% of all deaths attracted inheritance tax in 2022–23.