Credit relief

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.

See also

• Credit
• Expense relief
• Tax credit
• Tax relief