| 单词 | income tax |
| 释义 | income tax income tax(IT) A direct tax on an individual’s income. In general, individuals can earn income without paying tax up to a threshold, with subsequent income giving rise to tax liabilities, usually at increasing rates as income increases (progressive taxation). In UK tax legislation income is not defined; rather, amounts received are classified under seven headings according to their source: (i) income from employment; (ii) income from trading; (iii) pensions income; (iv) savings and investment income; (v) income from social security payments; (vi) income from property; (vii) other miscellaneous income. In order to be potentially liable to income tax an amount received must fall under one of these headings. There are some specific occasions when the legislation requires capital receipts to be treated as income for taxation purposes, e.g. when a landlord receives a lump sum on the granting of a lease. In the UK the importance of the distinction between income and capital has diminished since income and capital gains are now charged at essentially the same rate. The tax is calculated on the taxpayer’s taxable income, i.e. gross income less any income tax allowances and deductions. If the allowances and deductions exceed the gross income in a fiscal year, no income tax is payable. In the UK, there are currently three tax-rate bands for earned income: a basic rate of income tax of 20% on taxable earnings up to £32,000; a higher rate of income tax of 40% on taxable earnings over £32,000; and an additional rate of 45% on taxable earnings over £150,000 (2015–16 figures). The starting rate of 10% was abolished from April 2008 for earned income. See alsoPAYE. |
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