INCOME TAX
Payable on your taxable income ie earnings, pensions, interest on savings, dividends on shares etc. Interest and dividends on PEP's Tessa and ISA's is not taxable

CAPITAL GAINS TAX
Payable on the disposal by sale or gift of an asset for instance shares or a house that you do not live in.

INHERITANCE TAX
Payable when some one dies if their estate is over the Nil Rate Band

NIL-RATE BAND
The amount decided by the government as having no tax payable on it. Currently £300,000.