An A to Z of Tax from...

Tax Glossary



Welcome to the Taxbuddies glossary. To help you interpret the jargon that you can come across in dealing with your tax, our team of experts have written a brief explanation for hundreds of technical terms. Click on a letter to show entries.

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Click on a letter to show entries


Incorporation : Where a business is transferred to a company as a going concern together with the whole of the assets of the business and the transfer is made wholly or partly in exchange for shares issued by the new company.
Individual Savings Account : Also known as an ISA, this is a tax free savings account introduced in April 1999 to replace TESSA's and PEP's. 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 individuals estate as well as on certain gifts made during the last 7 years of the deceased's lifetime.
Investment Income : Any interest received on savings Any dividends and the accompanying tax credit received on shares held in UK companies; Any discounts on or income from securities; and Gains from life insurance policies etc., which are chargeable to income tax.