Tax Glossary UK - Glossario Tasse Imposte Fiscale UK



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Name at Lloyd's

Someone who pledges assets to Lloyd's in return for sharing the underwriting of profits and losses.

National Insurance Number

A unique reference number which is used to identify your national insurance contribution record and entitlement to social security benefits.

National Insurance

A scheme which provides pensions and other social security benefits.

Some benefits are dependent on contributions you have paid, whilst other benefits are means tested. Employees pay higher contributions and have a greater entitlement to benefits than do the selfemployed. Contributions are also payable by employers.

National Savings

A savings organisation backed by HM Treasury which offers a number of different savings products.

Information on these is available from your local Post Office as well as from National Savings.

National Savings Ordinary aAccount

An instant access account offered by national savings which is backed by HM Treasury.

You can deposit and withdraw funds from post offices. The first £70 of interest earned is tax free, but the account pays a low rate of interest.

Net

The amount received after the deduction of tax. May also be used to refer to income after the deduction of expenses.

Net Relevant Earnings

Your taxable earnings from your selfemployment, or from an employment where you are not a member of your employer's pension scheme.

You may make contributions to a retirement annuity contract or personal pension plan, up to a percentage of your net relevant earnings.

The percentage limits are based on your age, and differ between retirement annuity contracts and personal pension plans.

Nominee

A person who holds assets for another person.

Nonqualifying Distributions

A bonus issue by a company of securities or redeemable shares, or the paying on by a company of such a bonus that it has received.

Nonqualifying distributions are taxable, but you are treated as if you had paid lower rate tax on the amount of the nonqualifying distribution.

Nonrepayable

Something which cannot be repaid under any circumstances, such as notional tax credits on foreign income dividends and scrip dividends.

Nonresident

Someone who is not resident in the UK.

Nonresident Trusts

These are trusts that are controlled by trustees who are not UK residents.

Nontaxpayer

Someone who does not pay tax because their income is too low.

Not Domiciled

Broadly, you will not be UK Domiciled if you were born outside the UK and/or you do not consider the UK to be your permanent home.

Not Ordinarily Resident

If you are not resident in the UK year after year, you are not ordinarily resident.

Not Resident

You are not resident in the UK if you spend less than half the year in the UK, or if you spend less than 3 months of each year in the UK on average.

Notice of Coding

The notification of your PAYE code that you receive from the Inland Revenue.

Notional Tax

Notional tax is tax which is treated as having been paid, but which is not repayable under any circumstance.

It applies to UK life insurance policy gains, scrip dividends, foreign income dividends and some other income sources.


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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