tax relief

tax relief A deduction from a taxable amount, usually given by statute. In the UK, income-tax reliefs are given in respect of income from tax-exempt sources (e.g. ISAs), as well as tax-deductible expenses, personal allowances, tax credits, and gift aid. Seeincome tax allowances.

The reliefs against capital gains tax include an annual exemption, exemption from the proceeds of the sale of an only or a principal private residence, and entrepreneurs’ relief.

For inheritance tax there is an annual relief as well as relief in respect of gifts between spouses and gifts to political parties and charities; agricultural and business reliefs are also available.

• production cost
• production cost centre
• production cost variance
• production department
• production order
• production overhead
• production planning
• production-unit method
• productivity
• productivity agreement
• product layout
• product liability
• product-liability insurance
• product life cycle
• product line
• product-line filling
• product-line pricing
• product-line stretching
• product mix
• product obsolescence
• product orientation
• product portfolio
• product position
• product prototype tests
• product salesforce structure