tax allowance

tax allowance
tax allowance noun
A sum which is deducted from total income to arrive at taxable income
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Main Entry:tax

Useful english dictionary. 2012.

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  • tax allowance — ➔ allowance * * * tax allowance UK US noun [C] UK (US tax exemption) TAX ► an amount of money that can be taken off someone s income and savings, or a company s profits before the tax owed is calculated: »The married couple s tax allowance was… …   Financial and business terms

  • tax allowance — See: capital allowances, income tax allowances, personal allowance See also: tax relief …   Accounting dictionary

  • tax allowance — / tæks əˌlaυəns/ noun a part of the income which a person is allowed to earn and not pay tax on …   Dictionary of banking and finance

  • income tax allowance — ➔ allowance …   Financial and business terms

  • allowance — al‧low‧ance [əˈlaʊəns] noun 1. [countable] an amount of money that someone is given regularly or for a special reason: • She earns a package worth $1 million, including a $15,000 clothing allowance. ˌcost of ˈliving alˌlowance [countable] HUMAN… …   Financial and business terms

  • tax exemption — tax exempt tax exempt 2 adjective TAX 1. tax exempt investments, savings, income etc are not taxed: • a tax exempt savings account • issuers of tax exempt bonds 2. an organization that is tax exempt does not have to pay ta …   Financial and business terms

  • Tax code (PAYE) — In the UK, every person paid under the PAYE scheme is allocated a tax code by HM Revenue Customs. This is in the form of a number followed by a letter or letters, or a letter followed by numbers. This code describes to employers how much tax to… …   Wikipedia

  • Tax credit — The term tax credit describes two different concepts:*The first is a recognition of partial payment already made towards taxes due. *The second is a state benefit paid to employees through the tax system, which has the effect of increasing… …   Wikipedia

  • allowance — [[t]əla͟ʊəns[/t]] allowances 1) N COUNT: usu with supp, oft N of amount An allowance is money that is given to someone, usually on a regular basis, in order to help them pay for the things that they need. He lives on a single parent s allowance… …   English dictionary

  • allowance — al|low|ance W3S2 [əˈlauəns] n 1.) [C usually singular] an amount of money that you are given regularly or for a special purpose a monthly/annual etc allowance ▪ His father gives him a monthly allowance of £200. allowance for ▪ Do you get an… …   Dictionary of contemporary English

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