Tax Glossary UK - Glossario Tasse Imposte Fiscale UK



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Land

Ground which has been built on, is used for a purpose or is let out for such things as farming, forestry and so on.

Lease or Rental Expenses

Where property or land is let, you can set most expenses for the letting and upkeep of the land against the rental income.

Expenses include some legal costs, accountancy fees, repairs and so on.

Leaving Payments

Payments made to you when you leave your employment.

Legal Expenses

Some legal costs qualify as allowable expenses for income tax or capital gains tax purposes.

You should ask your solicitor or a Tax Advisor for help if you are not sure what legal costs qualify.

Legatees

A legatee is someone who receives assets from the estate of a deceased person, whether under the terms of the will, or under the intestacy rules.

You may be a specific legatee, where the assets you are received are specified in the will, or a residuary legatee, where you receive a share of what is left after paying inheritance tax, expenses and specific legacies.

Lettings: Land or property leased to another person.

Let property: Property that you allow someone else to use, usually in return for the payment of rent. You may own the property yourself, or you may lease it from a landlord, and sublet it to your tenant.

LIBOR

Acronym for London Inter Bank Offered Rate. This is the rate charged by banks on loans between themselves.

Life insurance

A life insurance policy will probably only pay out following your death.

Some policies have a death and investment content. If the death benefits are written under trust, they are not included in your estate for Inheritance Tax purposes.

Life Insurance Policies

Policies which will pay a lump sum to a beneficiary or your executors on your death.

Some policies also have an investment content which means that when the policy comes to an end, you will receive a payment whether or not you have died.

Literary Income

Income received by an author.

Living Accommodation

Any accommodation in which you can live.

This includes not only houses, flats and so on, but also houseboats, holiday cottages and villas.

It does not include hotels or bed and breakfast accommodation.

Living Together

A man and woman living together in the same manner as a married couple would.

Loans Written Off

A loan is written off where it is agreed that the debt will never be collected.

If a company makes a loan to you and writes it off, a tax charge may arise.

If you make a loan to a company and the company collapses, you might be able to claim a capital gains tax loss.

Loans

A sum of money lent to another party who agrees to repay the capital lent over a period of time and usually to pay interest on the outstanding balance.

Loss

A loss arises when the income or proceeds received are less than the expenses or cost.

There are detailed rules on how tax relief can be claimed on losses.

Loss on Relevant Discounted Securities

This aises if you sell a relevant discounted security for less than you bought it for.

The loss can only be set against other taxable income in the same tax year.


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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