Tax Glossary UK - Glossario Tasse Imposte Fiscale UK



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Incapacity Benefit

A government benefit paid if you are unable to work due to an accident or illness.

Income

Something you receive from working (past or present), from assets you own such as shares, or a government benefit paid to you.

Income Bearing

An income bearing asset is one which gives you an income, such as shares which pay dividends, land which pays rent, and so on.

Income for Tax Purposes

Income which is liable to tax.

Some forms of income are tax free such as winnings from gambling (providing you are not a professional gambler) or the National Lottery.

Income from Employment

The earnings you receive from your office (directorships and so on) or employment.

It includes salary, commissions as well as benefits provided by your employer (company car and so on).

Income from Estates of Deceased Persons

Income paid to a beneficiary by the executors of the estate of a deceased person.

The executors are in charge of administering the assets of the estate, and distributing the income they have received from those assets to the beneficiaries of the estate.

Income Limit

For some reliefs and allowances there is a limit to the amount of the relief or allowance that you can claim which is related to the amount of your taxable income.

Income Tax

A tax on the income you receive.

Independent Financial Advisor

An independent financial advisor is someone who can give you advice about a wide range of financial products.

They must be authorised to give advice, and are regulated by the Personal Investment Authority.

They must be distinguished from tied financial advisors, who can only give advice on investment products offered by a specific company.

Independent Taxation

Since 6 April 1990, husbands and wives have been taxed separately.

Indexation Allowance

An allowance to ensure that you are only taxed on capital gains made after adjusting for the rate of inflation.

The indexation allowance has been frozen at 5 April 1998 and replaced by taper relief.

Indexed Gain/Loss

The profit and loss on the sale of an asset after adjusting for indexation.

Since 30 November 1993, it is not possible for indexation to create, or enhance, a loss.

Individual Savings Account

A tax free investment vehicle available from 6 April 1999 which allows you to invest in stocks and shares and life assurance policies, or to hold cash.

Industrial Death Benefit Pension

A benefit paid by the Department of Social Security to a widow if her husband dies as a result of an accident at work or from a "prescribed industrial disease".

Inheritance

Something you receive from a deceased relative or friend. Inheritances are received free of income tax and capital gains tax and should not be entered on your Tax Return.

Inheritance Tax

A tax payable on your assets when you die.

Some lifetime gifts may be liable to inheritance tax, although gifts you make to another individual are free of inheritance tax if you do not die within seven years of making the gift.

Inland Revenue

The government department which controls the collection of income tax, capital gains tax, inheritance tax and so on.

Insurance Payouts

Something you receive following the maturity of an insurance policy or a claim for theft, fire, or loss of profits and so on due to a catastrophe.

Insurance Premiums

Something you pay to cover yourself against a negligence claim, loss of profits due to a catastrophe or damage (or destruction) to your assets.

Interest Distribution

Payments by a company or unit trust in the form of interest rather than as a dividend distribution.

Your tax voucher will specify the nature of the distribution.

Interest on other Qualifying Loans

You can receive tax relief on interest paid on certain loans.

These include loans for buying shares in a close company, purchasing an interest or introducing capital in a partnership, paying inheritance tax and purchasing machinery or plant.

Interest

Money you pay on a loan or receive if you have cash deposits.

Note that personal overdraft interest or credit or charge card interest is not tax deductible.

Intestacy

If a person dies without leaving a will, the assets of the deceased's estate pass under the intestacy rules.

These vary according to whether or not there is a surviving spouse, or surviving children, parents, brothers and sisters and so on.

If a person's will does not deal with all of the assets of the estate, there may be a partial intestacy.

Investment Income

Income generated from assets such as shares, land and property, cash deposits and so on.

Investment Trust

An investment trust is a company which invests in a spread of equities or fixed interest securities.

You can buy shares in the investment trust.

The shares are publicly quoted, and their price will vary according to the value of the underlying investments owned by the investment trust.

Investments

Assets you buy either to profit from or to own for a long time.

These can include shares, land and property, a pension or your home.


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.

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