Term of the day
individual savings account ISA
An individual savings account (ISA) is a savings account on which the return is tax-free, and which need not be declared in the investor's tax return. There are two components: (i) cash; and (ii) stocks and shares, and life assurance policies.
An investor has an overall annual investment limit which is £11,880 between 6 April 2014 and 30 June 2014 (previously £11,520) of which no more than £5,940 (£5,760 previously) can be in cash. From 1 July 2014 ISAs are to be replaced by “New ISAs” (NISAs)...
Tax
- Value added tax VATVAT is a tax on consumer expenditure and imports into the UK. 'Output' VAT on standard-rated supplies of goods and services is charged at...
- capital gains tax CGT
- disclosure of tax avoidance schemes DoTAS
- VAT cash accounting
- stamp duty and stamp duty land tax
- national insurance
- lifetime allowance
- corporation tax
- individual savings account ISA
- inheritance tax
- inheritance tax and trusts
- capital allowances for motor vehicles
- pre-tax profit
- capital allowances
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UK Budget
- income taxIncome tax is a tax on the earned and unearned income of individuals and trusts. Income includes earnings from employment, profits from a...
- lifetime allowance
- capital allowances
- capital gains tax CGT
- corporation tax
- disclosure of tax avoidance schemes DoTAS
- individual savings account ISA
- inheritance tax and trusts
- national insurance
- stamp duty and stamp duty land tax
- Value added tax VAT
- inheritance tax
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UK Budget glossary
- air passenger dutyAir Passenger Duty (APD) is a per passenger charge on air travel from UK airports (other than the Scottish Highlands and Islands and long...
- aggregates levy
- automatic enrolment into pension schemes
- business premises renovation allowance
- bank levy
- capital allowances for enterprise zones
- capital gains tax CGT
- common consolidated corporate tax base CCCTB
- corporate tax road map
- community investment tax relief
- cross-border loss relief
- controlled foreign companies
- enhanced capital allowances ECA
- enterprise investment scheme
- enterprise management incentives
- furnished holiday lettings
- Her Majesty's Revenue & Customs
- insurance premium tax
- International Financial Reporting Standards IFRS
- IR 35
- junior ISA
- landfill tax
- managed service companies
- NEST
- patent box
- pay as you earn PAYE
- pre-owned assets
- real time information
- seed enterprise investment scheme
- transfer pricing
- VAT annual accounting
- VAT cash accounting
- VAT flat rate scheme
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