Term of the day
income tax
Income tax is a tax on the earned and unearned income of individuals and trusts. Income includes earnings from employment, profits from a trade carried on by an individual (either alone or in partnership), income from pensions, and investment income such as interest, dividends and rents. The rates of income tax for 2014/15 are the basic rate (20 per cent) on income up to £31,865, the higher rate (40 per cent) on income between £31,866 and £150,000 and the additional rate (45 per cent) on the...
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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