Leach’s Tax Dictionary. Version 9 as at 5 June 2016. Page 1 T T Tax code Suffix for a tax code. This suffix does not indicate the allowances to which a person is entitled, as do other suffixes. A T code may only be changed by direct instruction from HMRC. National insurance National insurance contribution letter for ocean-going mariners who pay the reduced rate. Other meanings (1) Old Roman numeral for 160. (2) In relation to tapered reduction in annual allowance for pension contributions, the individual’s adjusted income for a tax year (Finance Act 2004 s228ZA(1) as amended by Finance (No 2) Act 2015 Sch 4 para 10). (3) Tesla, the unit of measure. (4) Sum of transferred amounts, used to calculate cluster area allowance in Corporation Tax Act 2010 s356JHB. (5) For the taxation of trading income provided through third parties, a person carrying on a trade (Income Tax (Trading and Other Income) Act 2005 s23A(2) as inserted by Finance (No 2) Act 2017 s25(2)). (6) For apprenticeship levy, the total amount of levy allowance for a company unit (Finance Act 2016 s101(7)). T+ Abbreviation sometimes used to indicate the number of days taken to settle a transaction. T$ (1) Abbreviation: pa’anga, currency of Tonga. (2) Abbreviation: Trinidad and Tobago dollar. T1 status HMRC term for goods not in free circulation. TA (1) Territorial Army. (2) Training Agency. (3) Temporary admission, of goods for Customs purposes. (4) Telegraphic Address. (5) In relation to residence nil rate band for inheritance tax, means the amount on which tax is chargeable under Inheritance Tax Act 1984 s32 or s32A. This term is given in Inheritance Tax Act 1984 s8M(6) as inserted by Finance (No 2) Act 2015 s9. TAAR Targeted Anti-Avoidance Rule. TAB (1) Technical Assistance Board, part of United Nations. (2) Totalizator Agency Board, off-course betting authority in Australia and Leach’s Tax Dictionary. Version 9 as at 5 June 2016. Page 2 New Zealand. tab Tally or financial record. The term is particularly used for a running account, such as for food and drinks progressively consumed at a function. table Chart of numbers, indices or similar laid out according to selection criteria. Tax tables are produced for PAYE. Table A (1) Under company law, draft regulations for the management of most companies. (2) PAYE tables that provide tax adjustment figures. These calculate either free pay or an additional amount for K codes. (3) List of taxable benefit (social security benefits subject to income tax) as set out in Income Tax (Earnings And Pensions) Act 2003 s660. Table B (1) Under company law, draft memorandum of association for a private limited company. (2) PAYE tables that calculate tax payable from a figure adjusted after using Table A. (3) List of social security benefits that are not subject to income tax, as set out in Income Tax (Earnings And Pensions) Act 2003 s677. table beer Class of beer in the early 17th century which was excised at a rate between strong beer and small beer. Table C Under company law, draft memorandum of association for a company limited by guarantee and having no share capital. Table D Under company law, draft memorandum of association for a company limited by guarantee and having share capital. Table E Under company law, draft memorandum of association for an unlimited company that has share capital. Table F Under company law, draft memorandum of association for a public limited company. table football game Such a machine is specifically excluded from the scope of amusement machine licence duty. Tablet Piece of slate or similar material for writing on. By extension, a term for an electronic device with computing functions. table tennis A table tennis player may retire on a personal pension at the age of 35, provided: • the person had the right by 5 April 2006, • the right was unqualified in that it needed no other person to consent, • the right was set out in the governing documentation of the Leach’s Tax Dictionary. Version 9 as at 5 June 2016. Page 3 pension scheme by 10 December 2003. (SI 2005 No 3451, as explained in the Inspector’s Manual at RPSM 03106035). tablets For VAT, tablets are generally not regarded as food, even if nutritious and palatable. Fruit and vegetable tablets were denied zero-rating in National Safety Associates of America (UK) Ltd [1995] VTD 14241. Other types of tablet follow the VAT treatment for medicine. taboo General restriction, such as a subject which is considered inappropriate for public discussion. tabula in naufragio Latin: plank in the shipwreck. The term relates to the rights of mortgagees of a ship that has sunk. tabular Form of records where data is kept in columns, such as in a manuscript accounts book. tabula rasa Latin: a clean slate. TAC (1) Trades Advisory Council. (2) Tobacco Advisory Committee. (3) Total Allowable Catches, term used in fishing rights. T account Historic method of drawing up an account. A large letter T is drawn. The name of the account is written above the upper horizontal. The debits are recorded on the left of the vertical line, and the credits on the right. This may include any balance brought forward from a previous account. The balance carried forward is whatever figure has to be added to one side to make the totals the same. tachograph Device installed in some vehicles to keep an automatic record of journeys. Tachwedd Welsh: November. tacit relocation Process under Scots law whereby a tenant of agricultural property can stay on if neither party terminates a lease and the tenant inherits the interest in the property on the death of the previous holder. Under Inheritance Tax Act 1984 s177, the value of this inheritance is not subject to inheritance tax. tack Scottish term for a tenure or lease. The word has many other meanings. TACOS Terms and conditions of service. TAD Transit accompanying document. TAFE Technical and further education. Leach’s Tax Dictionary. Version 9 as at 5 June 2016. Page 4 tag Identifier attached to something. Items in a corporation tax return are tagged using iXBRL from 1 April 2011. tag day American term for a flag day. Tahiti Island in Polynesia. tailings Residual powder after gold ore has been extracted from mined rock. It is possible to extract gold from tailings. This is treated as winning minerals. tail swallowing Definition Sale of sufficient rights to buy shares in a rights issue. For example a rights issue may allow a person to buy 110 shares at 100p or receive a payment of 10p for each right. If the person sells 100 rights he realises £100, enough to use the remaining rights to buy 10 shares. Formula The formula to calculate the number of rights to sell is: N = QS . R + S where N is the number of right to sell Q is the number of rights offered S is the price of the share under the rights issue R is the value of thr right. Tax implication Tail swallowing is subject to a special provision in relation to share incentive plans. Under Income Tax (Earnings And Pensions) Act 2003 Sch 2 para 77, the trustees have the power to sell sufficient rights to use the remainder of the rights to buy shares. This is subject ti any direction given by a scheme participant. tainted charity donation Relievable charity donation where the donor receives a benefit as set out in Income Tax Act 2007 s809ZJ or Corporation Tax Act 2010 s939C. This is added by Finance Act 2011 Sch 2. The capital gains tax provisions are given in Taxation of Capital Gains Act 1992 s257A. tainted donation Another name for a tainted charity donation. tainted donation provisions These “are — (a) this chapter [Income Tax Act 2007 Pt 13 Chapter 8], (b) section 257 of TCGA 1992 ... (c) Part 21C of CTA 210...” (Income Tax Act 2007 s809ZI(3)). Leach’s Tax Dictionary. Version 9 as at 5 June 2016. Page 5 tainted gift Gift made within six years of the offence which funded it (Proceeds of Crime Act 2002 s77). taipan Foreigner running a business in China. Taiwan Island country in Pacific Ocean. It originally claimed sovereignty over the whole of China. Conversely, China claims sovereignty over Taiwan. Its currency is the New Taiwanese dollar of 100 cents. The UK has a double taxation agreement of 2002 with an annex. Tajikistan Eastern country. Its currency is the somoni of 100 dirams. The UK has a double taxation agreement of 2014 which came into force on 16 March 2015. taka Currency of Bangladesh. take-home pay Amount an employee actually receives. It represents net pay subject to any further deductions, such as loan repayments. taken offshore In relation to foreign income and gains under the remittance basis, this expression is defined in Income Tax Act 2007 s809Z9(2). take-off weight In relation to air passenger duty and aircraft, means “the total weight of the aircraft and its contents when taking off” (Finance Act 1994 s29(2)). The section continues by distinguishing those with such a weight of less than 5.7 tonnes, and those with a weight equal or greater. In relation to rates of duty Finance Act 1994 s30 uses the same difference, but makes a distinction for aircraft of 20 tonnes and above. takeover One company buying another. In relation to corporation tax relief for an employee share scheme, “there is a takeover of a company when another company (the acquiring company) acquires control of it” (Corporation Tax Act 2009 s1023(3)).