Getting to grips with tax
Article Abstract:
Individuals in the UK may pay different forms of tax, including income tax. However, all income is not subject to tax. Individuals have tax allowances, for example, and income from some forms of investment are not be subject to tax. Individuals calculate their taxable income by deducting or excluding these items as appropriate. People who work for an employer may pay their tax under the Pay As You Earn system, but other taxpayers pay tax according to the information they supply to the Inland Revenue on their tax returns.
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Subject: Consumer news and advice
ISSN: 0043-4841
Year: 1999
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How to work out capital gains tax
Article Abstract:
Capital gains tax applies to any gain made due to the disposal of an asset. A taxpayer who makes a loss due to the disposal of an asset can, for taxation purposes, usually offset this loss against any gains. The Inland Revenue allows a specified part of annual capital gains, 6,800 pounds sterling in the tax year ending Apr 1999, to be tax-free. Other gains which are not taxable include winnings from gambling, most life insurance policy payments, and many cashback schemes, including cashbacks paid by mortgage lenders.
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Subject: Consumer news and advice
ISSN: 0043-4841
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
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