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UK Tax Glossary

Plain English definitions of every UK tax term, with real examples and HMRC sources. Updated for the 2025-26 tax year.

Each entry covers what the term means, how it works in practice, a worked example with real numbers, and links to the relevant HMRC guidance. Use the alphabetical index below to jump to any term.

B C D E G H I L M N P R S T U W

B

Benefit in Kind (BIK) → Buy-to-Let Tax → Business Asset Disposal Relief →

C

Capital Gains Tax (CGT) → Carry Forward (Pension) → Child Benefit → CIS (Construction Industry Scheme) → Class 2 National Insurance → Class 4 National Insurance → Cycle to Work Scheme →

D

Day Rate → Dividend Tax →

E

Emergency Tax → EMI Share Options →

G

H

High Income Child Benefit Charge → HMRC →

I

Inheritance Tax (IHT) → IR35 → ISA (Individual Savings Account) →

L

Limited Company →

M

Marriage Allowance → Mileage Allowance →

N

National Insurance → National Living Wage → National Minimum Wage →

P

P11D → P45 → P60 → P800 → PAYE → Pension Annual Allowance → Personal Allowance →

R

Redundancy Pay →

S

Statutory Maternity Pay (SMP) → Salary Sacrifice → Scottish Income Tax → Self Assessment → Stamp Duty (SDLT) → State Pension → Statutory Sick Pay (SSP) → Student Loan Plan 2 →

T

Tapered Annual Allowance → Tax Code → Tax-Free Childcare → Tax Return → Trivial Benefits →

U

Umbrella Company → Universal Credit →

W

Welsh Income Tax →

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