H definitions
| higher rate tax | For the current tax year, the higher rate of income tax is 40%. |
| hobby | Income from a hobby is not taxable and related expenses are not allowable. There are criteria to differentiate between a business and a hobby. If in doubt, contact the Inland Revenue, accountant or Tax Adviser. |
| hold-over relief | If you give an asset away for no monetary gain and a capital gain arises, in some circumstances you can elect for the gain to be held-over or deferred. The donee (the person you gave the asset to) inherits your original base cost of the asset. When the donee disposes of the asset or in certain cases when the donee leaves the UK, the donee's gain will include the gain held over on your gift, and the donee will be liable for any capital gains tax due. The donee must agree to your making the hold over election. |
| home | The place where you normally reside. |
| home office | If you mainly work from home, you may have set aside a room which you normally use as an office. |
| home to work travel | Travel from your home to your place of work. This travel expense is not generally allowable for tax purposes unless you can show that your home is your business base, or your permanent workplace if you are an employee. |
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.
