Lecture 1- Introduction to the UK tax system

One objective of taxation is to . It includes , , & with . For example, this involves putting in place in times of /doing to encourage increased

Another objective of taxation is to provide . These are provided for consumption that would unlikely be provided by . They have marginal cost, one individual cannot be from benefiting & all of society will consume the amount

Third objective of taxation is . This involves providing & to improve standards of living for

Fourth objective of taxation is . This involves protecting , generally or groups within who might be exploited

Tax- Compulsory imposed by or other raising body on income, expenditure, wealth or people for which receives nothing specific in

Direct tax- Tax which is on who is intended to bear final of paying it i.e. , , , &

Indirect tax- Tax which is ultimately by someone other than on whom it is i.e. , &