Summary of taxable income
The following list contains the most common forms of income taxable on UK residents. The list is not exhaustive and may not include all items of taxable income. Some items may have certain conditions that apply to them:
Employment
- Income from office or employment (per P60/P45)
- Income from tips
- Certain lump sum and compensation payments and benefits
- Assessable benefits in kind.
Share schemes
- Approved savings-related share options
- Approved discretionary share options
- Unapproved share options
- Enterprise Management Incentive Options
- Approved All employee share ownership plans
Self-employment
Income, after deduction of allowable expenses, from self-employed trade, profession or vocation (including income from construction industry).
Partnership
- Share of profit/(loss) from partnership
- Share of other partnership income, including:
- Untaxed UK and foreign income
- UK land and property
- Taxed income (interest etc.)
Land and property
Rental income (minus allowable expenses) from
- Furnished holiday lettings
- Rents and other income from land and property
- Chargeable premiums
- Reverse premiums.
Foreign
Overseas income from:
- Interest and other savings
- Dividends
- Pensions
- Social security benefits
- Income from land and property
- Income received by an overseas trust, company and other entity
- Capital gains.
Trusts
- Income from trusts and settlements
- Certain income from estates of deceased persons.
Capital gains
- Certain gains made on disposal of share holdings
- Gains made on disposal of other capital assets (including property which is not your main residence)
Income from UK Savings and Investments
- Interest from UK banks, building societies and deposit takers - net and gross interest.
- Interest distributions from UK authorised unit trusts and open ended investment companies
- National savings interest (other than first £70 of National Savings Ordinary Account interest)
- Dividends and other qualifying distributions from UK and overseas companies (including scrip dividends)
- Dividend distributions from authorised unit trusts and open-ended investment companies.
Pensions and Benefits
- State retirement pension
- Widow's pension
- Widowed Mother's Allowance
- Industrial Death Benefit Pension
- Jobseeker's Allowance
- Invalid Care Allowance
- Statutory Sick Pay and Statutory Maternity Pay paid by DSS
- Incapacity Benefit (some elements may be taxable)
- Pensions and retirement annuities.
Other Income
- Certain maintenance or alimony payments
- Gains on UK life assurance policies
- Gains on void Individual Savings Accounts
- Refunds of surplus funds from additional voluntary contributions.
This page was last reviewed on 03 April 2006. 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.
