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: I

Income for Tax Purposes: As some income is exempt from tax, the income for tax purposes in not necessarily the total income.

Income from Employment: Income from employment is not just salary or wages. It also includes such things as company perks, commissions and even expenses payments made to employees.

Income from Land and Property: Although most income generated by land or property will be classed as rental income, sometimes it cannot be as it is not exactly rent. It is taxable all the same. Such income includes leases and licenses for use of the land, and things like way leaves.

Income Tax: Individuals pay income tax, on many types of income, at various rates, and with numerous allowances.

Individual Savings Account: Also known as an ISA, this is a tax free savings account introduced in April 1999. There are limits on the amounts that can be invested annually which can be split into 3 components, Cash, Life Insurance and Stocks and Shares.

Inheritance Tax: Inheritance tax may be payable on certain lifetime gifts, including transfers into and out of trusts and on death - on the value of an individual's estate as well as on certain gifts made during the last 7 years of the deceased lifetime.

Investment Income: Any income from investment - interest on savings, dividends on shares held in UK companies, income from securities etc.

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