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Taxes explained

Explainers of how each tax works, including what is being taxed, who pays, how much revenue is raised, what’s been changing recently and how some taxes vary across parts of the UK.

Featured explainers

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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.

Taxlab Taxes Explained
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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.

Taxlab Taxes Explained
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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.

Taxlab Taxes Explained
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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.

Taxlab Taxes Explained
Tax documents

IFS tax survey

An overview of all UK taxes.

Taxlab Taxes Explained
Mansion

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.

Taxlab Taxes Explained

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