income tax schedules

income tax schedules

the classification by the INLAND REVENUE in the UK of various sources of INCOME to facilitate the assessment of TAXATION liability upon an individual. There are six schedules lettered A to F. Briefly, the income source of each schedule is: A: land and property.

B: woodlands run as a business.

C: INTERESTS and DIVIDENDS from public bodies (including government).

D: trades, business, professions and vocations, interest received gross.

E: WAGES from employment (collected under the PAY-AS-YOU-EARN system - PAYE).

F: company distributions.

There are considerable rules and regulations concerning INCOME TAX and the expenses allowable against it.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005