The Budget: taxes and spending

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The annual Budget shows how tax revenue is collected and how it will be spent. Explore issues concerning the Budget. Investigate how pressures on the Budget can impact on the type and amount of taxes that are levied.

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  • Fact 1

    In 1705, Emperor Peter I of Russia instituted a beard tax. Those who paid the tax were required to carry a 'beard token'. This was a copper or silver token inscribed with 'the tax has been taken' and 'the beard is a superfluous burden'.

Trust

A trust exists when a person or company (called a 'trustee') holds assets on behalf of others who are intended to benefit from the assets, or income from those assets. Those intended to benefit are called 'beneficiaries'.

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