Credit relief: Difference between revisions
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imported>Doug Williamson (Add definition 2. relating to UK personal tax credits. Source: http://www.hmrc.gov.uk/forms/tc825.pdf) |
imported>Doug Williamson (Layout.) |
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''Tax''. | ''Tax''. | ||
1. | |||
A valuable type of tax relief given by deducting the amount of the credit directly from the amount of a tax liability. | A valuable type of tax relief given by deducting the amount of the credit directly from the amount of a tax liability. | ||
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2. | |||
''UK personal tax''. | ''UK personal tax''. | ||
Revision as of 14:19, 13 May 2016
Tax.
1.
A valuable type of tax relief given by deducting the amount of the credit directly from the amount of a tax liability.
For example, the deduction of an amount of foreign tax already paid, to directly reduce the amount of a domestic tax liability.
2.
UK personal tax.
Relief for business trading losses, pension contributions and certain other payments for the purposes of calculating UK personal tax credits.
