... is progressive and paid at the following rates according to income: Income per week (before tax) 2005-6 % to be deducted for National Insurance £0-£94 0% £94-£630 11% £631+ 12% 3.Capital Gains Tax and Inheritance Tax The aim of both if these taxes is gain money from those who are earning substantial profit from capital gains (e.g. investments), and those who have inherited an estate through bereavement. Capital Gains Tax is progressive, however, Inheritance Tax is implemented at a flat rate of 40% of any estate worth over £275,00. Profit made from through capital gains % to be deducted for Capital Gains Tax Up to £2,090 10% £2,091-£32,400 20% £32,401+ 40% 4.Stamp Duty and Stamp Duty Reserve Tax The aim of this tax is to acquire money from those buying property or land because it assumes that those who have the financial means to purchase property above the stamp duty threshold have a considerable income and thus are taxed on that purchase. It is progressive and therefore the more ...

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