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
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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Friday 31 Oct was the deadline day for paper tax r
If you're doing your tax return on paper this year, you should have made sure you sent it to HM Revenue & Customs (HMRC) by Friday, 31 October, or you could face a £100 penalty. From this year, ...
Impending Deadlines
Monthly PAYE/NIC/CIS tax to 5th December due.
