Tax Glossary

Welcome to the our Tax Glossary. To help you interpret the jargon that you can come across in dealing with your tax, our team of experts have written a brief explanation for hundreds of technical terms. Click on a letter to show entries.

Click on a letter to show entries
Married Couple`s Allowance
Since 6th April 2000 this allowance is only available if either spouse was born before 6 April 1935. Also see age related allowances.
Mileage expenses
See Approved Mileage Rates
Minimum Wage
The National Minimum Wage rates are as follows:

16-17 years from:

1st October 2008 £3.53ph
1st October 2009 £3.57ph

18-21 years from:

1st October 2008 £4.77ph
1st October 2009 £4.83ph

21 and over from:

1st October 2008 £5.73ph
1st October 2009 £5.80ph
Money Laundering
New Money Laundering Regulations apply to most businesses in the financial sector and came into force on 1 March 2004. By law these businesses are now required to establish the identity and address of any new clients
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