| 单词 | top slicing |
| 释义 | top slicing A method of assessing the taxable gain on a life-assurance policy. The proceeds of the policy plus all capital withdrawals, less the premiums paid, are divided by the number of years for which the policy has been in force. This amount is added to any other income for the year in which the chargeable event occurred; if this places the taxpayer in a higher tax band, the whole gain is charged at the appropriate marginal rate, i.e. the tax rate in that band less the basic rate of tax. If the sum does not exceed the basic rate tax, no further tax is due. |
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