Taxation Rates

Higher Rate of Income Tax
A higher rate of income tax is applied to individuals with taxable income exceeding certain thresholds, different from the basic rate of income tax. In 2016-17, it was levied at 40% on income over £32,000, with an additional rate of 45% for income beyond £150,000.
Landfill Tax
In the UK, Landfill Tax is a charge on the commercial disposal of waste by way of landfill. As of the financial year 2016-2017, the standard rate is £84.40 per tonne, with a rate of £2.65 per tonne for 'less-polluting waste' (chiefly naturally occurring materials).

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.