Learn the UK Tax Language

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UK Tax Glossary

Welcome to our Tax Glossary. Here you will find clear and comprehensible definitions of most of the tax terms you will face when dealing with UK income tax. This Glossary will help you understand the tax language, however it will not offer direct solutions to your tax issues. If you need further advice on any of those tax terms - just ask a tax adviser and get a free consultation right now!

Letter: D

Deductions: Generally these are items that reduce one's total income and therefore reduce one's overall tax liability.

Depreciation: A reduction in the value of an asset used in a business on an ongoing basis. It can be claimed as a deduction from business profits. Depreciation is claimed in accounts as Capital Allowances.

Disallowable Expenses: Expenses which are disallowed for tax purposes as they do not qualify for tax relief. When accounts are prepared, these disallowable expenses are added back on to net profits to arrive at the net taxable profits.

Dispensation: An agreement between the employer and the Tax Office that only valid business expenses will be reimbursed to the employee and no report or claim is necessary.

Distribution/Dividend: Income from shares. This is a term used for the money paid out on investments.

Dividend Additional Rate: From the 2010-11 tax year there is a new Dividend Additional Rate of 42.5%.

Dividend Upper Rate: This is the 32.5% rate of tax on dividends above a certain level of taxable income.

Domicile: This is different from nationality and residence. One is domiciled in the country where one's permanent home is.

Double Taxation: Where the same income is liable to be taxed in both the UK and another country, the effect is that tax is paid twice. To avoid this, relief may be available under the specific terms of a double tax agreement (convention) between the UK and that other country.

Dual Resident: It is possible to be resident in more than one country at a time for tax purposes.

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