An Additional Voluntary Contribution (AVC) allows employees to make extra contributions to their pension schemes over and above the standard contributions from their employer or themselves. This helps in enhancing their pension benefits upon retirement.
Domestic accommodation available for letting for at least 140 days each year and actually let for at least 70 days. Each letting during a seven-month period of the year must also be for less than 31 days. When this arithmetical definition is satisfied, the income arising is treated as if it were trading income. Loss relief is available, pension contributions can be made on the basis of the letting income, and the income qualifies as earned income.
A payroll deduction refers to the reduction of the amounts paid to a worker from their gross earnings to cover various costs, such as taxes, savings, pension contributions, union dues, and insurance premiums. The paycheck reflects the gross pay minus these deductions.
An arrangement between employer and employee whereby a specified amount of money is deducted from the employee's pay and invested for the employee in stocks, bonds, or other investments.
