Overview

income tax

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ability to pay

ability to pay  

The principle that taxes should be levied on the basis of taxpayers' ability to pay. This normally leads to the view that as income or wealth increases, its marginal utility (its value to its owner) ...
employee share ownership plan

employee share ownership plan  

(Equities; UK).Scheme designed to increase employee participation in the firms in which they work by setting up a fund to buy ordinary shares in the company. The 1989 legislation was modelled on ...
higher rate of income tax

higher rate of income tax  

In the UK, a rate of income tax that is higher than the basic rate of income tax. For 2008–09 higher rate tax is payable on taxable income, after personal allowances and other allowances, of over ...
PAYE

PAYE  

Pay-as-you-earn. The UK scheme for collecting income tax and National Insurance contributions, under which the onus is placed on employers to collect the tax from their employees as payments are made ...
penalty

penalty  

An arbitrary pre-arranged sum that becomes payable if one party breaches a contract or undertaking. It is usually expressly stated in a penalty clause of the contract. Unlike liquidated damages, a ...
schedule

schedule  

1. A plan of activities that uses the resources made available by aggregate planning and allocates them to individual jobs, activities, or customers over a particular period. A schedule shows what ...
Taxes Management Act 1970

Taxes Management Act 1970  

The UK legislation consolidating the law relating to the administration and collection of income tax, corporation tax, and capital gains tax.

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