Income Tax
Tax charged on taxable income received by individuals and certain other taxpayers in the UK.
Related terms
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Corporation Tax
Tax charged on the taxable profits of companies and certain organisations in the UK.
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Tax assessment
A formal calculation or determination of tax due, made by the taxpayer, HMRC or another tax authority depending on the tax and circumstances.
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Tax liability
The amount of tax a person or business is legally required to pay.
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