The effective tax rate represents the average rate at which an individual or a corporation is taxed on earned income.
A valuation of all the assets included in the estate of a deceased person at the date of his or her death, taking into account any restrictions on the use of the assets. This value is primarily agreed upon with HM Revenue and Customs for the purpose of calculating inheritance tax.
A taxable year is a period, usually 12 months, during which the tax liability of an individual or entity is calculated. In the case of certain nontaxable entities, it is the period for which tax information is provided.
Tonnage tax is a method of calculating the corporation tax liability of a ship-owning company, allowing taxes to be based on the net registered tonnage of its shipping fleet instead of the actual profit or loss made.
