Glossary - Income tax
Description
Income tax is a tax levied by the government on an individual’s or entity’s earnings, including wages, pensions, rental income, and certain investment returns. The amount payable depends on taxable income, applicable allowances, and the tax rates and bands in force.
Alternate Names
- Marginal rate
- Tax bands
- Taxable income
- Self assessment
- PAYE (Pay As You Earn)
- Personal allowance
