G definitions
| gains | Profits that are made on the disposal of investments (such as shares) and other assets. The profits made are normally liable to capital gains tax, but in some cases are liable to income tax. |
| gains from UK life insurance policies, life annuities or capital redemption policies | Profits that are made on these investments are called gains. You are subject to income tax on these gains. Gains may arise on the surrender, maturity, sale or transfer of the policy, or on death. Gains may also arise if you make partial surrenders or withdrawals during the life of the policy, or take a loan backed by the policy. |
| gambling profits or losses | Profits or losses that are received as a result from gambling. Unless you are a professional gambler, you are not taxed on any profits and nor do you receive tax relief on losses. |
| game or quiz show winnings | Winnings or prizes that are received as a result from game shows or quiz's. These winnings are tax-free. |
| general commissioners | A panel of individuals, usually businessmen and people of high standing in the local community, who adjudicate on certain disputes between taxpayers and the Inland Revenue. |
| gift aid | One off payments of more than £250 made to a registered charity. The charity reclaims the basic rate tax you have deducted and you receive higher rate tax relief if you have sufficient income. Under the millennium gift aid scheme the £250 limit is reduced to £100 for payments to participating charities for the benefit of third world countries. From 6 April 2000 it has been announced that there will be no minimum donation amount to qualify for Gift Aid treatment. The record-keeping requirements for individual taxpayers have not been wholly clarified at the time of writing and so you are advised to keep a record of all small charitable donations made after 5 April 2000 to be sure of having everything required at the end of the tax year. |
| gifts | Something which is received, or made, voluntarily. |
| gilts | Treasury stock and other loan stock issued by the Government. These stocks are known as Gilt-edged securities (Gilts) because the Government guarantees the repayment of your capital. Interest will be paid to you, normally at a rate fixed when the gilts were issued. Some gilts are index linked. The interest on these, and the amount of the loan, increases with inflation. Interest is now paid gross (without deduction of tax), although it will continue to be paid net (after deducting tax) on holdings you had at 6 April 1998, unless you ask to receive the interest gross. |
| give as you earn | A scheme which gives you tax relief for payments to charity. The payments are deducted from your wages by your employer and paid to a charitable agency. You can then choose which charities you wish to make donations to. For tax year 1999/2000 up to £1,200 may be given under the scheme. From 6 April 2000 there will be no upper limit on donations made in this way. Tax relief is given by deducting the payments from your wages before calculating PAYE (the tax on what you earned). The scheme is also known as the "payroll giving scheme". |
| goodwill | The value put on a business's customer base and organisation. It is the difference between the total of the values of the individual business assets and the value of the business as a going concern. |
| grant of option | An option is granted to you when you are given the right to purchase shares (or other assets) at a price specified in the option agreement. |
| gratuities and tips | Amounts paid to you by customers as a reward for your services. Often received by waiters and waitresses, hairdressers and so on. Tips and gratuities should be included in your taxable income even when not paid by your employer. |
| gross | The amount of money (wages for example) you receive before tax is then deducted. Some income may be received gross, without tax having been deducted. |
| grossing-up | The term given to the process of adding back the tax deducted to the net income to calculate the gross income liable to tax. |
This page was last reviewed on 07 July 2004. The information may not reflect changes in legislation made after this date.
This is only a guide to your tax position and should not be relied on in place of professional accounting or tax advice. Any calculated figures are illustrative and are based on the data you provided.
