3. The two taxes on income.

In the United Kingdom1 there are two taxes imposed on income: income tax and corporation tax.

Income tax is charged on the income of individuals from employment2, pensions3, social security4, trading5, property6, savings and investments7 and other miscellaneous8 sources9.

Corporation tax is charged on profits of companies10. In the Corporation Tax Acts and the Income Tax Acts, 'company' generally means any body corporate or unincorporated association