Tax Glossary UK - Glossario Tasse Imposte Fiscale UK
- C -
If your share options are cancelled, you will no longer be able to exercise your options to buy shares.
Any payment you receive for the cancellation is taxable.
Allowances against tax for the cost of certain fixed assets.
Charges may be imposed to take back capital allowances if you sell capital assets for more than the tax written down value.
Capital
allowances may be given for plant machinery and industrial buildings,
and are also available on agricultural buildings and hotels.
If
you sell a chargeable asset for a profit (after deducting expenses and
releifs see capital gains calculation) you make a capital gain.
Capital Gains Calculation
These include costs of buying and selling an asset.
For example, fees charged by stockbrokers or auctioneers and any initial valuation costs.
These expenses can be deducted in the calculation of the capital gain or loss on the disposal of the asset.
Capital Gains Indexation Allowance
If
you sell a chargeable asset and the result of the capital gains tax
calculation is a loss rather than a profit, that is a capital loss.
Tax charged on capital gains that you have made.
Sometimes
you can claim for a loss you have made, or for a payment you have made,
to be deducted from your income or capital gains in a tax year earlier
than that in which the loss or payment was made
For example you
may claim for a trading loss to be set against your income in the tax
year before that in which you made the loss.
Sometimes losses cannot be fully tax relieved in the year they were made.
The unused amount is carried forward for tax relief in a later tax year.
Some unused reliefs, such as unused personal pension relief can be carried forward, but only for a specific period of time.
Where you dispute the meaning of the tax legislation, the matter can be resolved in the law courts.
The outcome is then known as a tax case.
Income you get from irregular work.
You might have taxable income in the form of an asset, or the right to use an asset, rather than in cash.
There are rules for determining the amount of the taxable income.
The taxable amount is called the cash equivalent value.
If
you are allotted shares (such as from a scrip dividend or where you
receive shares in a new company following a takeover) your allocation
may not be a whole number of shares.
The company may arrange for
all the fractions of shares to be sold, and the proceeds distributed
between those who were entitled to fraction of shares.
The amount you receive is called a "cash fraction".
Certificate of Tax Deposit
These are purchased from the Inland Revenue.
You receive interest on the funds from the date of purchase to the date the liability becomes due.
ou can also withdraw the funds in cash, but you will receive a lower interest rate.
The interest is taxable. (Back to top)
Assets which, when sold, are subject to capital gains.
This includes assets such as shares, second homes, investment properties, works of art worth more than £6,000.
Some assets are not liable to capital gains tax when sold.
Examples
are your home (subject to certain conditions regarding periods of
absence and business use), motor cars, gilts and investments held in
Personal Equity Plans (PEPs).
Chargeable Business Assets
An
example is your business premises. Investments, such as shares, owned
by a business are chargeable assets, but not chargeable business assets.
A
chargeable event may occur when cash or benefits are received from a
life insurance policy, life annuity or capital redemption policy.
A
chargeable gain is the profit you made on the disposal of a chargeable
asset, calculated after deducting all allowable expenses and reliefs.
If
you receive a premium for the grant of a lease of land and property for
50 years or less, you will be taxed on a proportion of the premium as
if it were additional rent that you receive.
The chargeable
premium depends on the term of the lease.
Regular payments made to a registered charity under a written deed.
The charity reclaims the basic rate tax you have deducted and you receive higher rate tax relief if you have sufficient income.
An
organisation which raises funds to pass onto people in need, for
educational purposes, the advancement of religion or for the general
benefit of the community.
Fees paid for someone to look after your children whilst you are at work. They are not tax allowable.
People under the age of 18. May also be used to refer to your son or daughter, even if aged 18 or over.
Class: national insurance contributions are divided into four classes.
The class you pay depends on whether you are an employee, are selfemployed or are paying voluntary contributions.
1) Class 1 national insurance contributions:
national insurance contributions charged on your earnings if you are an
employee. They grant entitlement to contributory social security
benefits. Employers also pay class 1 and 1A national insurance
contributions, but these do not grant entitlement to social security
benefits.
2) Class 2 national insurance contributions:
Weekly national insurance contributions that you must pay if you are
selfemployed or in partnership. They grant you entitlement to some
contributory social security benefits.
3) Class 3 national insurance contributions:
Weekly national insurance contributions that you may pay voluntarily to
build up entitlement to some contributory social security benefits.
4) Class 4 national insurance contributions:
national insurance contributions charged on your business profits if
you are selfemployed, and on your share of partnership business profits
if you are trading in partnership. They do not grant you any entitlement
to social security benefits.
Clogged losses are losses which can only be set against gains of certain types.
A
company which is controlled by 5 or fewer shareholders, where the term
"shareholders" include immediate members of their family.
The majority of private companies are "Close". Ask the company auditors for confirmation if you are not sure.
Someone who is a citizen of a Commonwealth country.
A car which is provided for you by your employer. (Back to top)
A sum of money you receive if you give something up such as your employment or the right to use an asset.
If
you are in business and you bought business software with a useful
economic life of less than 2 years, the cost of the software is fully
tax deductible as a business expense in the tax year of purchase.
Otherwise,
the software is a capital purchase and you can claim capital allowances
as if the software was an item of plant and machinery.
Something
which the Inland Revenue allows in practice, although it would not
strictly be allowed under the terms of the tax legislation.
For example luncheon vouchers of up to 15p per day are tax free under an Inland Revenue concession.
You
are contractedin if you are not a member of your employer's
contractedout pension scheme and do not contribute to an appropriate
personal pension plan.
You will receive a state earnings related pension if your earnings exceed the national insurance lower earnings limit.
The
act of opting out of the state earnings related pension scheme (SERPS),
either through membership of the employer's contractedout pension
scheme or by contributing to an appropriate personal pension plan.
Sums of money which are paid towards something.
Commonly used to refer to payments into schemes, such as pension schemes, Save As You Earn (SAYE) schemes and so on.
Term
used for company loan stock which at certain predetermined dates can be
exchanged or "converted" into something else, usually into ordinary
shares in the company.
The terms of the conversion are usually
set when the loan stock is issued, and the value of the loan stock will
move in line with the value of the shares.
These are issued by companies when they want to raise capital.
They are loans to the company which are repayable at or between set dates.
Payable to your local council in return for services and amenities.
The amount payable is determined by the value of your house and what council tax band it falls into.
Regular annual payments paid using funds from your taxable income under a legally binding agreement.
Most
commonly used for regular payments to charities, but may also be used
for certain payments in connection with your business, such as payments
to retiring partners.
If
a deferred gain is crystallised it becomes chargeable to capital gains
tax. A deferred gain will be crystallised if one of several defined
events occur.
For example a gain deferred under the enterprise
investment scheme (EIS) deferral relief scheme will crystallise if you
sell your EIS shares.
If you sell a share just before the date you become entitled to a dividend, the share is sold cumdividend.
The purchaser of the share(s) then receives the dividend.
With the introduction of self assessment, all income is generally taxed on this basis.
The currentyear basis is modified when it is applied to businesses.
AVVERTENZE D'UTILIZZO: Il presente glossario contiene una definizione dei termini più utilizzati in ambito fiscale e d'imposte nel Regno Unito. La spiegazione di ciascuno dei termini indicati in questo glossario è di carattere meramente orientativo e priva di valore legale; si raccomanda, quindi, di tenere conto del contesto e dell'evento in cui essi vanno applicati, in quanto il significato loro attribuito potrebbe differire rispetto a quello qui rappresentato.
AVVERTENZE LEGALI - Il contenuto del sito web "www.dottoricommercialistilondra.com" è di carattere puramente divulgativo e, pertanto, non costituisce offerta diretta al pubblico e non intende in alcun modo favorire reati fiscali, riciclaggio di denaro, esportazione di capitali, terrorismo ed altri illeciti. Nessuno dei nostri servizi è svolto direttamente in Italia; su richiesta, è possibile unicamente il contatto con professionisti regolarmente abilitati, nostri referenti, dietro rilascio di fattura e regolare pagamento anticipato. La navigazione di questo sito web è subordinata alla conoscenza e piena accettazione delle nostre condizioni di erogazione dei servizi e dell'informativa sul trattamento dei dati.
|
|
