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Overview

income tax

A direct tax on an individual's income. In general, individuals can earn income without paying tax up to a threshold, with subsequent income giving rise to tax liabilities, usually at ...

income tax

income tax   Reference library

Australian Law Dictionary (3 ed.)

Reference type:
Subject Reference
Current Version:
2018
Subject:
Law
Length:
52 words

...income tax Tax payable on assessable income. Income Tax Act 1986 (ITA) s 5 imposes income tax at the rates set out in the Income Tax Rates Act 1986 (ITRA). Different rates of tax apply to different entities (individuals at the marginal tax rate; companies (30%), and trustees of superannuation funds...

income tax

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World Encyclopedia

Reference type:
Subject Reference
Current Version:
2004
Subject:
Encyclopedias
Length:
127 words

... tax Federal or state annual assessment of tax on income, profits and financial gains of any type. It is a direct tax on money earned or acquired, as distinct from a tax levied on goods or services such as value-added tax ( VAT ). Income tax is usually a progressive form of taxation , in the sense that tax rates increase with levels of taxable income. The wealthy pay more tax in proportion to their income than the lower paid. Governments can use tax rates as a means of regulating consumption: if tax rates rise, consumers have less disposable income...

income tax

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A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
135 words

...income tax A tax on income. An individual’s taxable income is calculated after deducting various allowances, in respect of assorted items which may include charitable donations, responsibility for dependants, age allowances, medical insurance, and superannuation contributions. Income for tax purposes may include or exclude imputed items such as the value of the services of owner-occupied houses. Capital gains may be included as income, excluded, or taxed separately from income. Income tax may be collected from individuals in arrears, or by deduction at...

income tax

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A Dictionary of Finance and Banking (5 ed.)

Reference type:
Subject Reference
Current Version:
2014

...The tax is calculated on the taxpayer’s taxable income, i.e. gross income less any incometax allowances and deductions. If the allowances and deductions exceed the gross income in a fiscal year , no income tax is payable. In the UK, there are currently three tax-rate bands for earned income: a basic rate of income tax of 20% on taxable earnings up to £32,000; a higher rate of income tax of 40% on taxable earnings over £32,000; and an additional rate of 45% on taxable earnings over £150,000. The previous starting rate of income tax of 10% was...

income tax

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A Dictionary of Finance and Banking (6 ed.)

Reference type:
Subject Reference
Current Version:
2018

...The tax is calculated on the taxpayer’s taxable income, i.e. gross income less any incometax allowances and deductions. If the allowances and deductions exceed the gross income in a fiscal year , no income tax is payable. In the UK, there are currently ( 2018–19 ) three tax-rate bands for earned income: a basic rate of income tax of 20% on taxable earnings up to £34,500; a higher rate of income tax of 40% on taxable earnings over £34,500; and an additional rate of 45% on taxable earnings over £150,000. The 10% ‘starting’ rate of income tax was...

income tax

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A Dictionary of Accounting (5 ed.)

Reference type:
Subject Reference
Current Version:
2016
Subject:
Social sciences, Business and Management
Length:
295 words

...taxable income, i.e. gross income less any income tax allowances and deductions. If the allowances and deductions exceed the gross income in a fiscal year , no income tax is payable. In the UK, there are currently ( 2016–17 ) three tax-rate bands for earned income: a basic rate of income tax of 20% on taxable earnings up to £32,000; a higher rate of income tax of 40% on taxable earnings over £32,000; and an additional rate of tax of 45% on taxable earnings above £150,000. The starting rate of income tax of 10% was abolished from April 2008 ...

income tax

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A Dictionary of Law (9 ed. )

Reference type:
Subject Reference
Current Version:
2018
Subject:
Law
Length:
216 words

...income tax A direct tax on a person’s income, including emoluments of employment, investment income, and the profits from an unincorporated business. The amount of tax is based on a person’s entire income for the year, less certain personal allowances , on a progressive scale. The effect is that those with higher incomes pay higher rates of tax. A company not resident within the UK is subject to income tax, and not to corporation tax. Corporate bodies acting as trustees are also subject to income tax. Several systems of deducting tax at source apply....

income tax

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A Dictionary of Business and Management (6 ed.)

Reference type:
Subject Reference
Current Version:
2016
Subject:
Social sciences, Business and Management
Length:
285 words

...If the allowances and deductions exceed the gross income in a fiscal year , no income tax is payable. In the UK, there are currently three tax-rate bands for earned income : a basic rate of income tax of 20% on taxable earnings up to £32,000; a higher rate of income tax of 40% on taxable earnings over £32,000; and an additional rate of 45% on taxable earnings over £150,000 ( 2015–16 figures). The starting rate of 10% was abolished from April 2008 for earned income. See also PAYE...

income tax

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A Dictionary of Human Resource Management (3 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Business and Management
Length:
94 words

...income tax is a tax on earnings which is normally progressive: no tax is paid on small amounts of income but then it increases proportionately to the amount earned. In addition, there might be thresholds at which the proportion of tax paid increases; for example, the UK has a basic rate of tax at 20 per cent and higher rates of tax at 40 per cent and 45 per cent for high earners. In the UK, income tax is collected from most employees through the pay-as-you-earn system. See also National Insurance Contributions , social charge...

income tax

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A Dictionary of Law Enforcement (2 ed.)

Reference type:
Subject Reference
Current Version:
2015
Subject:
Law
Length:
279 words

... tax A direct tax on a person's wages or salary and on most other sources of income, including unearned income and the profits from an unincorporated business. The amount of tax is based on a person's entire income for the year, less certain personal allowances , on a progressive scale. The effect is that those with higher incomes pay higher rates of tax. There are currently two bands of income-tax rates: basic rate and higher rate. The rate applied to income within a band depends on the type of income: • Dividends within the basic rate are charged at 10%...

income tax

income tax   Reference library

The New Oxford Companion to Law

Reference type:
Subject Reference
Current Version:
2009
Subject:
Law
Length:
534 words

... tax Income tax was first introduced in Great Britain in 1799 . Income tax is a tax on income. Not everything that ‘comes in’ is necessarily treated as taxable income. Income is sometimes contrasted with capital. This raises problems with the treatment of capital gains. Should they be treated as income? In some systems they are. The UK did not have a capital gains tax until the 1960s, but now has a separate system of capital gains taxation. This raises further problems of categorization. Adam Smith 's illustration of a tree as capital and the fruit as...

Income Tax

Income Tax   Reference library

William Lasser

The Oxford Companion to the Supreme Court of the United States (2 ed.)

Reference type:
Subject Reference
Current Version:
2005
Subject:
Law
Length:
659 words

... Tax Questions involving federal income taxes provoked extraordinary controversy throughout the nineteenth century, most strikingly in the 1890s. The controversy ended only with the passage of the Sixteenth Amendment in 1913 . Federal income taxes raised two types of constitutional issues. First, the Supreme Court had to decide, for constitutional purposes, whether an income tax was a “direct tax” or an “indirect tax.” This distinction was critical, since the Constitution commanded that direct taxes had to be apportioned among the several states “in...

Income Tax

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A Dictionary of Agriculture and Land Management

Reference type:
Subject Reference
Current Version:
2019
Subject:
Social sciences
Length:
412 words

... Tax Tax paid by individuals in the United Kingdom on the basis of their income. The Government sets three rates for Income Tax in England and Northern Ireland (for Scotland and Wales, see below), with the lowest earners paying a smaller percentage of their income as Income Tax than those with the highest earnings. All tax payers (apart from the very highest earners) also have a personal allowance . This is an amount of income that can be earnt without having to pay Income Tax, and for some of the lowest earners this can mean they pay no Income Tax at...

income tax

income tax   Reference library

Ian John Ernest Keil

The Oxford Companion to British History (2 ed.)

Reference type:
Subject Reference
Current Version:
2015
Subject:
History, Regional and National History
Length:
605 words

...limited, the income of the country shall be called upon to contribute to remedying this growing evil [the deficit]’. No chancellor since 1842 has removed income tax. The 1842 income tax followed closely the administrative mechanisms established in the Act of 1806 . There were only two differences: the minimum income taxed was £150 instead of £50, and the assessment of taxes on incomes from commercial activity was subject to the scrutiny of special commissioners to prevent fraud and evasion. Incomes were taxed under five Schedules: A, income from land and...

income tax

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The Oxford Companion to Local and Family History (2 ed.)

Reference type:
Subject Reference
Current Version:
2009
Subject:
History, Local and Family History
Length:
69 words

... tax Introduced during the Napoleonic wars. Returns for 1799–1816 , giving the names of individual taxpayers on a parish basis, are kept in The National Archives (TNA) in E 182. See A. Hope‐Jones , Income Tax in the Napoleonic Wars (1939). Individual tax assessments do not survive for the 19th century, but some returns on a parish and county basis survive in TNA class IR 14. See also Valuation Office...

income tax

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A Dictionary of British History (3 ed.)

Reference type:
Subject Reference
Current Version:
2015
Subject:
History, Regional and National History
Length:
353 words

... tax was introduced in 1799 by William Pitt 's government to fund the war against the French. The need for a new tax arose from unprecedentedly high expenditure on the British armed forces and on subsidies to the allies. Many supposed that income tax would be a temporary expedient of war and in fact Parliament repealed the tax in 1816 and ordered the commissioners for the affairs of taxes to destroy their records. Raising revenues continued to present problems to chancellors of the Exchequer. In 1842 Sir Robert Peel proposed that ‘for a time to be...

income tax

income tax   Reference library

An Oxford Companion to the Romantic Age

Reference type:
Subject Reference
Current Version:
2009

... tax was introduced by William *Pitt in 1798–9 to boost annual revenue to a level capable of meeting the exigencies of wartime expenditure. The tax was proposed to meet the expectations of the public credit within an overall policy of debt redemption, while the country borrowed millions to fund the *war [2] . It was also designed to offset the effects of fraud practised on the assessed tax system. Pitt sought to levy a tax of two shillings in the pound on all annual incomes of £200 or more. People earning between £60 and £200 were to be taxed on a...

income tax

income tax   Reference library

The Oxford Dictionary of Local and Family History

Reference type:
Subject Reference
Current Version:
2003
Subject:
History, Local and Family History
Length:
31 words

... tax . Introduced during the Napoleonic wars . Returns for 1799–1816 , giving the names of individual taxpayers on a parish basis, are kept in the Public Record Office under E...

before-tax income

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A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
15 words

...before-tax income The income of an individual or company before deduction of direct taxes...

after-tax income

after-tax income   Quick reference

A Dictionary of Economics (5 ed.)

Reference type:
Subject Reference
Current Version:
2017
Subject:
Social sciences, Economics
Length:
38 words

...after-tax income The income remaining to an individual or a company after direct taxes have been paid. The calculation of after-tax income takes no account of the liability to indirect taxes when the income is...

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