Profits that are made on the disposal of investments (such as shares) and other assets.
The profits made are normally liable to capital gains tax, but in some cases are liable to income tax.
Profits that are made on these investments are called gains.
You are subject to income tax on these gains.
Gains may arise on the surrender, maturity, sale or transfer of the policy, or on death.
Gains may also arise if you make partial surrenders or withdrawals during the life of the policy, or take a loan backed by the policy.
Profits or losses that are received as a result from gambling.
Unless you are a professional gambler, you are not taxed on any profits and nor do you receive tax relief on losses.
Winnings or prizes that are received as a result from game shows or quiz's.
These winnings are taxfree.
A panel of individuals, usually businessmen and people of highstanding in the local community, who adjudicate on certain disputes between taxpayers and the Inland Revenue.
One off payments of more than £250 made to a registered charity.
The charity reclaims the basic rate tax you have deducted and you receive higher rate tax relief if you have sufficient income.
Under the millennium gift aid scheme the £250 limit is reduced to £100 for payments to participating charities for the benefit of third world countries.
Something, which is received, or made, voluntarily.
Treasury stock and other loan stock issued by the Government.
These stocks are known as Giltedged securities (Gilts) because the Government guarantees the repayment of your capital.
Interest will be paid to you, normally at a rate fixed when the gilts were issued. Some gilts are index linked.
The interest on these, and the amount of the loan, increases with inflation.
A scheme which gives you tax relief for payments to charity.
The payments are deducted from your wages by your employer and paid to a charitable agency.
You can then choose which charities you wish to make donations to.
For tax year 1999/2000 up to £1,200 may be given under the scheme.
From 6 April 2000 there will be no upper limit on donations made in this way.
Tax relief is given by deducting the payments from your wages before calculating PAYE (the tax on what you earned).
The scheme is also known as the "payroll giving scheme".
The value put on a business's customer base and organisation.
It is the difference between the total of the values of the individual business assets and the value of the business as a going concern.
An option is granted to you when you are given the right to purchase shares (or other assets) at a price specified in the option agreement.
Amounts paid to you by customers as a reward for your services.
Often received by waiters and waitresses, hairdressers and so on.
Tips and gratuities should be included in your taxable income even when not paid by your employer.
The amount of money (wages for example) you receive before tax is then deducted.
Some income may be received gross, without tax having been deducted.
The term given to the process of adding back the tax deducted to the net income to calculate the gross income liable to tax.
AVVERTENZE D'UTILIZZO: Il presente glossario contiene una definizione dei termini più utilizzati in ambito fiscale e d'imposte nel Regno Unito.
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