N definitions
| name at Lloyd's | Someone who pledges assets to Lloyd's in return for sharing the underwriting of profits and losses. |
| national insurance | A scheme which provides pensions and other social security benefits. Some benefits are dependent on contributions you have paid, whilst other benefits are means tested. Employees pay higher contributions and have a greater entitlement to benefits than do the self-employed. Contributions are also payable by employers. |
| national insurance contributions office (NICO) | A department of the Inland Revenue which has from 6 April 1999, taken over responsibility for administering the collection and recording of national insurance contributions from the Contributions Agency of the Department of Social Security. |
| national insurance number | A unique reference number which is used to identify your national insurance contribution record and entitlement to social security benefits. |
| national savings | A savings organisation backed by HM Treasury which offers a number of different savings products. Information on these is available from your local Post Office as well as from National Savings. |
| national savings ordinary account | An instant access account offered by national savings which is backed by HM Treasury. You can deposit and withdraw funds from post offices. The first £70 of interest earned is tax free, but the account pays a low rate of interest. |
| net | The amount received after the deduction of tax. May also be used to refer to income after the deduction of expenses. |
| net relevant earnings | Your taxable earnings from your self-employment, or from an employment where you are not a member of your employer's pension scheme. You may make contributions to a retirement annuity contract or personal pension plan, up to a percentage of your net relevant earnings. The percentage limits are based on your age, and differ between retirement annuity contracts and personal pension plans. |
| nominee | A person who holds assets for another person. |
| non-qualifying distributions | A bonus issue by a company of securities or redeemable shares, or the paying on by a company of such a bonus that it has received. Non-qualifying distributions are taxable, but you are treated as if you had paid savings rate tax on the amount of the non-qualifying distribution. |
| non-repayable | Something which cannot be repaid under any circumstances, such as notional tax credits on dividends. |
| non-resident | Someone who is not resident in the UK for tax purposes. |
| non-resident trusts | These are trusts that are controlled by trustees who are not UK residents. |
| non-taxpayer | Someone who does not pay tax because their income is too low. |
| not domiciled | Broadly, you will not be UK Domiciled if you were born outside the UK and/or you do not consider the UK to be your permanent home. |
| not ordinarily resident | If you are not resident in the UK year after year, you are not ordinarily resident. |
| not resident | You are not resident in the UK if you spend less than half the year in the UK, or if you spend less than 3 months of each year in the UK on average. |
| notice of coding | The notification of your PAYE code that you receive from the Inland Revenue. |
| notional tax | Notional tax is tax which is treated as having been paid, but which is not repayable under any circumstance. It applies to UK life insurance policy gains, dividends and some other income sources. |
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.
