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income tax

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basic rate of income tax

basic rate of income tax  

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In the UK a rate of income tax below the higher rate. It is currently 20%, which is applied to the first £36,000 of taxable income (2008–09). See also higher rate of income tax; starting rate of ...
benefits in kind

benefits in kind  

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Benefits other than cash arising from employment. The UK tax legislation seeks to assess all earnings to tax, whether they be in the form of cash or in kind. The treatment of benefits depends on the ...
chargeable event

chargeable event  

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Any transaction or event that gives rise to a liability to income tax or to capital gains tax.
chargeable gain

chargeable gain  

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In the UK, that part of a capital gain arising as a result of the disposal of an asset that is subject to taxation. Non-chargeable gains include: • gains resulting from proceeds that are taxable ...
David Ricardo

David Ricardo  

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(1772–1823)British political economist who, with Adam Smith, founded British classical economics. In 1819–23 he was an MP, supporting Free Trade, a return to the gold standard, and the repeal of the ...
direct taxation

direct taxation  

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Taxation, the effect of which is intended to be borne by the person or organization that pays it. Economists distinguish between direct taxation and indirect taxation. The former is best illustrated ...
emoluments

emoluments  

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Amounts received from an office or employment including all salaries, fees, wages, perquisites, and other profits as well as certain expenses and benefits paid or provided by the employer, which are ...
income tax allowances

income tax allowances  

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Allowances that may be deducted from a taxpayer’s gross income before calculating the liability to income tax. Every individual who is a UK resident is entitled to a personal allowance, the level of ...
independent taxation

independent taxation  

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A system of personal taxation in which married women are treated as completely separate and independent taxpayers for both income tax and capital gains tax. Prior to April 1990 in the UK, the income ...
IT

IT  

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1. Abbreviation for income tax. 2. Abbreviation for information technology.1. Abbreviation for income tax. 2. Abbreviation for information technology.
national debt

national debt  

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The debt of a country's government. This may be owed to residents or foreign lenders. In some countries net national debt is smaller than the apparent total, as some government securities are held by ...
negative income tax

negative income tax  

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(NIT)A means of targeting social security benefits to those most in need using the income-tax system. After submitting an income-tax return showing an income level below a set minimum, an individual ...
pre-tax profit

pre-tax profit  

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The profits of a company before deduction of corporation tax, or of an unincorporated business before deduction of income tax. In each case pre-tax profit is calculated after deduction of other taxes ...
progressive tax

progressive tax  

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A tax is said to be progressive if the percentage of an individual's income which is paid in tax increases as their income increases, so that the rich pay relatively more than the poor.
roll-up funds

roll-up funds  

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An offshore investment fund using securities with rolled-up coupons designed to avoid income tax. However, these funds are now assessed for income tax as if the coupons were paid in cash.
schedule

schedule  

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1 The part of legislation that is placed at the end of a UK Act of Parliament and contains subsidiary matter to the main sections of the act.2 In the UK, one of several schedules formerly used to ...
self-assessment

self-assessment  

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The system of tax assessment where the taxpayer reports all items of income and all allowances due, and works out how much tax is payable. The tax authorities then check this calculation. The ...
starting rate of income tax

starting rate of income tax  

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In the UK, a former rate of income tax below the basic rate of income tax; it replaced the lower rate in 1999. The starting rate of 10% was abolished from April 2008.
tax base

tax base  

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The specified domain on which a tax is levied, e.g. an individual's income for income tax, the estate of a deceased person for inheritance tax, the profits of a company for corporation tax.
wage rate

wage rate  

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The rate per hour paid for work of a given type. This applies where time rates are in force; some types of work are paid for at piece rates. The wage rate is taken as that applying to normal hours of ...

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