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.
Occupational Pension
An occupational or company pension is established by an employer to provide pension benefits to individuals in respect of their service as employees.
An occupational or company pension is established by an employer to provide pension benefits to individuals in respect of their service as employees.
Ordinary Residence
Ordinary residence means greater permanance than residence. This is the place where you normally live. Ordinary residence determines individual liability to income tax and capital gains tax in the UK.
Ordinary residence means greater permanance than residence. This is the place where you normally live. Ordinary residence determines individual liability to income tax and capital gains tax in the UK.
Overlap Relief
On commencement of a business or change of accounting period, the overlap rules have the effect of taxing the same profits in two successive years of asssessment. The 'overlap profit' is the amount that has been taxed twice. Relief for overlap profit is given by way of a deduction from profits when there is a change of accounting period resulting in a basis period of more than 12 months or, on cessation of the business.
On commencement of a business or change of accounting period, the overlap rules have the effect of taxing the same profits in two successive years of asssessment. The 'overlap profit' is the amount that has been taxed twice. Relief for overlap profit is given by way of a deduction from profits when there is a change of accounting period resulting in a basis period of more than 12 months or, on cessation of the business.
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