Tax Glossary UK - Glossario Tasse Imposte Fiscale UK

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Occupational Pension

A pension you receive from a previous employer.

Office Holder

Someone who occupies a particular position or office. Includes directors, judges, ministers of religion, members of parliament and so on.


To set one amount against another, such as a loss against a profit or a repayment against a liability.

Offshore Funds

Investments which are made outside the UK.

Openended Investment Companies (OEICs)

These are similar to unit trusts and investment trusts.

Because an OEIC is a company, you own shares rather than units and the buying and selling price is the same.

Many large unit trust managers are converting most of their unit trusts into OEICs.

Opening Written Down Value

Cost of an asset at the start of the accounting period after deducting capital allowances given in earlier accounting periods.

The closing written down value will be the opening written down value, less capital allowances given in the accounting period.

This will be the opening written down value for the following accounting period.

Where expenditure on plant and machinery is pooled for capital allowance purposes the closing written down value will be the opening written down value brought forward, plus any additional expenditure incurred, less any disposal proceeds, less any capital allowances given, and plus any balancing charges made.


The right to buy or sell something at a set price within a given time period. Employees for example, may be granted options to purchase shares in the company that employs them.

Ordinarily Resident

If you are resident in the UK year after year, you are "ordinarily resident".

Ordinary Commuting

Travel between home (or some other place you attend for private reasons) and a permanent workplace.

Other Benefits (Employment)

The more common other benefits which are received in an employment are:
  • Relocation expenses
  • Subscriptions and professional fees
  • Assets provided for private use
  • Provision of nursery places (sometimes this is not taxable).

Other Income

This is a "catch all" term to ensure that you declare all your taxable income which you have not already entered anywhere else on the Tax Return.

Other Income from Savings and Investments (Except Dividends)

Covers anything from interest on loans you have made to income from Government Stocks (Gilts).

Other Pensions

Pensions paid by anyone apart from those paid by the Government.

Other Income from Land and Property

Any property income (other than rents) that you receive from any source, such as wayleaves, payments from sporting rights and so on.
Other Qualifying Loan Interest
You can receive tax relief on interest paid on loans that you take out for certain specific purposes.

These include loans for:
  • Buying shares in a close company
  • Purchasing an interest in a partnership or contributing partnership capital
  • Purchasing machinery or plant for use in your employment or partnership.


Monies you have to pay to someone else for things linked to your income.You may be able to deduct them from your income for tax purposes.

Overlap Profit

Profit which has been taxed twice because part of an accounting period falls within the basis period for more than one year.

Overlap Relief

Tax relief that is given for overlap profits brought forward.

It is given on a change of accounting date if the basis period is longer than 12 months or on the cessation of trade.


A country other than England, Northern Ireland, Scotland and Wales.

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