the charges imposed by the Government on citizens and corporations to finance some of its spending

a compulsory tax on earnings from employment collected by the Government to fund public services

contributions paid from money earned to enable individuals to qualify for certain benefits and the State Pension

How much of our pay goes to the Government?

Citizenship

This unit develops pupils' knowledge and understanding of the UK economy and helps them appreciate its relevance to them.

legal methods of avoiding paying as much tax as possible

illegal methods of avoiding paying tax, punishable with fines or imprisonment

the chance of something going wrong, leading to loss, harm or an unexpected negative outcome

the process of identifying, assessing and controlling threats to an organisation's capital and earnings

the act of receiving money from a lender with the agreement to repay it later, usually with interest

a person, business or government that takes money from a lender and agrees to repay it under specified terms

an amount of money owed by an individual or organisation to a lender

an amount of money owed by the Government that has effects on the country's economy

a set of political-economic policies that aim to reduce government budget deficits through spending cuts, tax increases or a combination of both

the state of a country or region in terms of the production and consumption of goods and services and the supply of money

the rate at which the general level of prices for goods and services rises, causing the purchasing power of money to fall