Income Tax

(IT).

1.

A UK tax charged on most sources of income, attributed to an individual in a given fiscal year.

UK personal Income Tax covers non-savings income, savings income and dividend income.

2.

More generally, a tax on individual or corporate income.

For example US Federal Income Tax.

See also

• Capital allowances
• Charge on income
• Chargeable income
• Corporation Tax
• Direct tax
• Dividend
• Exempt income
• Fiscal year
• Her Majesty’s Revenue & Customs
• IAS 12
• Imputation system
• Indirect tax
• Inheritance tax
• IR35
• National Insurance
• Pay as you earn
• Personal allowance
• Sales Tax
• Tax
• Wealth tax