UK Banks May Pay More Tax Soon
Photo: Wikimedia Commons via Wikimedia Commons
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Vocabulary
collect kəˈlekt verb
to gather or get something from different places or people
The government wants to collect more money from banks.
profit ˈprɑːfɪt noun
money that a business makes after paying all costs
Banks in the UK make a lot of profit.
extra tax ˈekstrə tæks noun phrase
additional money that must be paid to the government beyond normal taxes
Right now, they pay extra tax on their profits.
raise reɪz verb
to increase the amount or level of something
One way is to raise the extra tax they already pay.
growth ɡroʊθ noun
an increase in size, amount, or success over time
Banks worry that higher tax will hurt the country's growth.
decision dɪˈsɪʒən noun
a choice made after thinking about different options
The government will make a decision very soon.
Article
The government wants to collect more money from banks. Banks in the UK make a lot of profit. Right now, they pay extra tax on their profits. The government may ask them to pay even more tax soon.
How Much Money Do Banks Make?
The four biggest banks made fifteen billion pounds in the first half of this year. That is a very large amount of money. Many people think banks should pay more tax. The government thinks about this too.
What Will Happen Next?
The government will make a decision very soon. Banks can pay more tax in different ways. One way is to raise the extra tax they already pay. Another way is to change old tax rules. Banks worry that higher tax will hurt the country's growth.
Discussion Questions
- Do you think banks should pay more tax?
- How do banks make profit?
- What does the government do with tax money?
- Is it fair that banks pay extra tax?
- Why might higher taxes hurt business?
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