Tax levied by a government directly on income, especially an annual tax on personal income.
- ‘Reducing marginal rates of income tax, shifting from direct to indirect taxes.’
- ‘Most of our revenue is raised through income tax and income tax revenue declines with age.’
- ‘I pay income tax and council tax, portions of which are spent on road maintenance.’
- ‘The money obtained is regarded as a capital receipt and is not liable to income tax.’
- ‘If you end up paying some income tax on your lump sum, you may be able to claim tax relief at the end of the tax year.’
We take a look at several popular, though confusing, punctuation marks.