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Tax Dictionary Leach’s Tax Dictionary. Version 9 as at 5 June 2016. Page 1 Leach’s Tax Dictionary Provided by Tax Training Ltd. www.taxtrainingltd.co 020 8224 5695. October 2018 Please read the Preface and Fair Use Dealing. Neither the compiler nor the company can accept any liability for any loss occasioned by using this dictionary. © Robert Leach 2003-2018 and licensed to Tax Training Ltd. N N Tax code Suffix to a PAYE tax code used from 6 April 2015. It indicates that the employee has transferred part of his or her personal allowance to their partner. National insurance National insurance contribution letter used for ocean-going mariners in a contracted out occupational pension scheme. The letter is not used from 6 April 2016. Other meanings (1) Abbreviation used in text to denote either a name or a number. (2) Old Roman numeral for 90. (3) Indication in a draft document to insert the name of a person or business. (4) Atomic symbol for nitrogen. (5) In relation to HMRC’s power to seize funds from a bank account without reference to any court, the number of persons who hold a joint account. (Finance (No 2) Act 2015 Sch 8 para 7(4)). (6) For apprenticeship levy, relevant percentage of the pay bill for the year (Finance Act 2016 s99(2)). n In algebra, a representation of a number, particularly an ordinal. Naafi Organisation that provided canteens for service personnel. Naamloze Vennotschap (NV) Dutch: limited company. nab Colloquialism meaning to arrest. nabob Person who has made himself wealthy and consequently sees himself as important. The term was originally limited to Europeans who made themselves wealthy in the East. Leach’s Tax Dictionary. Version 9 as at 5 June 2016. Page 2 Naboth’s vineyard Possession so coveted by someone that they will use any means, however unscrupulous, to obtain it. The term comes from 1 Kings 21 in the Bible. NACE classification “The first level of the common statistical classification of economic activities in the European Union established by Regulation (EC) No 1893/2006 of the European Parliament and the Council of 20 December 2006 (as that Regulation has effect from time to time)” (Capital Allowances Act 2001 s51G(7)). A company engaged in such activity may have a restricted right to claim annual investment allowance. NACUE National Association of College and University Entrepreneurs. NAD (1) No abnormality detected. Common abbreviation for sick notes (HMRC leaflet E14). (2) ISO code for Namibian dollar. NADFAS National Association of Decorative and Fine Arts Societies. NAEA National Association of Estate Agents. NAFD National Association of Funeral Directors. NAFTA North American Free Trade Agreement. Na h-Eileanan an Iar Scottish constituency formerly known as Western Isles. The term is Scottish Gaelic for Western Isles. There are some special provisions under Islands (Scotland) Act 2018 s18. NAIC National Association of Investors Corporation. naked Description of any financial arrangement which is not hedged or otherwise protected. naked position Position of an investor which is not covered by an opposite position. nakfa Currency of Eritrea. nag box Box that appears unprompted on a computer screen to remind you to do something, such as to upgrade your software. nail (1) Old unit of weight equal to about eight pounds. (2) Old unit of length equal to 2¼ inches. NALC National Association of Local Councils. nama al-mal Capital accumulation under Islamic finance. Leach’s Tax Dictionary. Version 9 as at 5 June 2016. Page 3 Name Member of Lloyd’s insurance market who underwrites insurance policies. name The words by which a person, company, business or other item is generally known. For individuals, the name is broadly whatever a person wishes to be called. This usually comprises Christian name and surname. For many people, the surname is the same as the person’s father, and the Christian names are whatever the parents have chosen. However, there is no law requiring this. For company directors, the name means a person’s Christian name and surname (Companies Act 2006 s163(2)) with exceptions for titled people. The register of directors must also give any former name. An individual may run a business using his surname, with or without a first name or initial under provisions of Companies Act 2006 s1192. name and arms clause Clause in a settlement providing that a beneficiary loses his or her entitlement unless they use a specified surname and any coat of arms. Such a clause is only valid if sufficiently precise. name and shame Popular name given to the provisions of Finance Act 2009 s94. This section allows HMRC to publish the names of those who attempt to cheat HMRC of at least £25,000 tax from 1 April 2010. A similar provision exists for those who do not pay the national minimum wage. name-blind In human resources, process of job selection where the person’s name is withheld to avoid any risk of prejudice on grounds of race, ethnicity or sex. This is generally considered in effective because: • the CV will often reveal this information anyway, such as by lisiting the schools attended, and • the person’s race and sex will be 3immediately apparent at interview. named sums Tax charged between 1514 and 1516. A sum of £160,000 was ordered to be raised each year according to wealth, but with no precise formula. The actual sum raised each year was less than £50,000. Namibia African country. Its currency is the Namibian dollar of 100 cents which is kept at parity with the South African rand. The UK has a double taxation convention of 1962 amended by a protocol of 1967. nanny Person who is paid to look after a child, usually while the parents are away working. A nanny is an employee who must be paid under the PAYE system, usually, with class 1 national insurance deducted. A nanny is also entitled to all benefits under employment law, such as holidays and sick pay. If an employer pays for an employee to have a nanny, the employee is subject to tax and the employer to class 1A national insurance on the cost of the nanny, including the employer’s national insurance. nano- Prefix used in metric units. It means 10-9. Leach’s Tax Dictionary. Version 9 as at 5 June 2016. Page 4 Nansen passport Passport issued by League of Nations between 1920 and 1922 to stateless persons. NAO National Audit Office. NAO-approved services Services approved by the National Audit Office in accordance with Budget Responsibility and National Audit Act 2011 Sch 3. nap The many meanings of this word includes a racing tip that professes to be a certainty. NAPF National Association of Pension Funds. Napierian Pertaining to John Napier (1550-1617), a French mathematician, and particularly to his logarithms to the base e. Napier’s bones Early form of calculating machine invented by John Napier. The name comes from the rods used. NAPM National Association of Purchasing Management, founded in 1915, and now known as the Institute of Supply Management. napoleon French gold bullion coin issued in 19th and early 20th centuries. It is named after the French leader (1769-1821). napoo First world war slang for something that is no longer of any use. nappies These are zero-rated for VAT as clothing for young children. This applies both to disposable and reuseable nappies. The Court of Appeal held that nappies supplied in a plastic toy box were a single zero-rated supply (Kimberley-Clark Ltd v HMRC [2004] STD 473). narcotics Type of drug. Their use by employees should be covered by a drugs policy. NAREIT National Association of Real Estate Investment Trusts, a US body. nark Slang for a police informer. narration Brief text which appears in the journal and other books of account to provide such details of the transaction as are not obvious from the information otherwise recorded. narrative reporting Reporting on a business expressed in text rather than figures. Narrative reporting for companies is required by Companies Act 2006 s417, with additional requirements from 1 October 2007. The Accounting Standards Board has produced a Reporting Statement on narrative accounting. Leach’s Tax Dictionary. Version 9 as at 5 June 2016. Page 5 narrow market In investment, market where the trading is light, leading to low liquidity and wide spreads. narrow money In economics, the most limited definition of money supply, as represented by categories M0 in the UK, or M1 in the USA. NAS National Advice Service, the HMRC network of advice centres that exist to provide advice and assistance on Customs, Excise and VAT matters. The local rate national telephone number was 0845 010 9000. It has now been replaced by 134 dedicated enquiry services. The number for general income tax queries is 0300 200 3300. NASD National Association of Securities Dealers. NASDAQ National Association of Securities Dealers Automated Quotation System. It is pronounced as nazz-dak. NASDAQ is the largest electronic securities trading system in the world. It started on 8 February 1971 as the first electronic exchange. It is now owned and operated by NASDAQ OMX Group which is itself listed on NASDAQ. In 2006 it became a national securitiee exchange. NASES National Association of Student Employment Services. nation Strictly speaking, a nation is a political area whereas a country is a geographical area. However, this distinction is not always made. National Advice Service Part of HMRC that deals with general telephone enquiries on tax matters from businesses and the general public. It can answer general tax questions and issue forms and notices. It cannot deal with specific tax queries that relate to particular individuals or businesses.
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