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Tax Glossary - Income Tax

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Taxable income

Pension Income

  • State Pension
  • Private Pension
  • Widows Pension
  • Industrial Death Benefit Pension
  • An occupational pension from a previous employer.  In general an occupational pension is taxable but there a some circumstances where an occupational pension is not taxable.

Social Security Benefits

  • Job Seekers Allowance – Income based and contribution based
  • Incapacity Benefit
  • Employment and support allowance - Youth and contributory
  • Carer’s Allowance
  • Bereavement Allowance
  • Widowed Mothers and Parents Allowance

Employment and Self employment Income

The following earned income is taxable:

  • Some foreign income
  • Statutory Sick Pay
  • Statutory Paternity Pay
  • Statutory Maternity Pay
  • Statutory adoption Pay
  • Tips
  • Commission
  • Bonuses
  • Redundancy payments over a certain amount
  • Expense payments under PAYE income which are not exclusively incurred in the performance of doing your job.

Additional forms of taxable income

  • Investment income for example Shares
  • Life Insurance Policy gains
  • Interest on savings
  • Trust and Settlement income
  • Annuities Income

< Back to Glossary is here to provide you with FREE independent tax information to help you save money and pay the right amount of tax. does not provide tax advice and the information provided is to help give people a better understanding and does not constitute tax advice.

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