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Tax Glossary
Welcome to our tax 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.
| Savings Interest : | This is investment income and liable to income tax. Generally, tax is deducted at source at a rate of 20%. From 6 April 2008 there is a 10% starting rate for ‘savings income’ that you may be entitled to. The rate at which your saving income is taxable is dependant on your earnings. If your earnings are less than your personal allowance plus £2320, then some or all of your savings income will be taxable at 10%. Additionally, if your total income, including savings income, exceeds your personal allowance plus £36000, some or all of your savings income will be liable at 40%. | |
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| Seafarers : | For seafarers who: -
Are resident and ordinarily resident in the UK AND Perform duties wholly or partly outside the UK A deduction may be allowed from taxable earnings. |
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| Special Commissioners : | These are full time civil servants, being barristers, advocats or solicitors etc. of at least 10 years standing, appointed for this purpose. | |
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| Surcharges : | Where tax remains unpaid more than 28 days after the due date, you will be liable to a surcharge of 5% of the unpaid tax. An additional 5% will be levied on any amount still unpaid more than 6 months after the due date. Interest also accrues on a daily basis. | |
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