单词 | deductible |
释义 | deductible deductible The amount deducted from a claim in an excess policy; whereas ‘excess’ is the usual word in motor-vehicle and householders’ policies, ‘deductible’ is used in large commercial insurances. It is an amount that is deducted from every claim that is paid. If a claim is made for a figure below the deductible no payment is made. Deductibles are usually applied to policies in return for a premium reduction. deductions at source A method of tax collection in which a person paying income to another deducts the tax on the income and is responsible for paying it to the authorities. Tax authorities have found that, in general, it is easier to collect tax from the payer rather than the recipient of income, especially if paying the tax is made a condition of the payer’s obtaining tax relief for the payment. The payee receives a credit against any tax liability for the tax already suffered. Examples of this in the UK tax system are PAYE, share dividends, interest on government securities, deeds of covenant, trust income, and subcontractors in the building industry. |
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