A regressive tax takes a larger percentage of income from lower-income earners than from higher-income earners. It disproportionately impacts those…
Pay As You Earn (PAYE) is a system for collecting income tax at source. Employers deduct tax from employee wages…
Ordinary residence refers to the place where a person habitually lives, intending to remain indefinitely. It's a key concept in…
Inheritance tax is a levy on assets passed down from a deceased person to their beneficiaries. It's distinct from estate…
An Individual Savings Account (ISA) is a tax-efficient savings or investment wrapper available in the UK. It allows individuals to…
Income tax is a levy imposed by governments on the earnings of individuals and corporations. It's a primary source of…
Council tax is a local government tax in the UK, payable by households on property. It funds local services like…
Corporation tax is a levy on the profits of companies. It's a significant revenue source for governments, funding public services.…
A capital gains tax is levied on the profit realized from selling an asset that has appreciated in value. It…