Tax Compliance // ICAEW Study Manual Glossary // Set 5 questions with correct answers

Real Time Information - Answer Real Time Information (RTI) - Answer Employers are required to inform HMRC about tax, NICs and other deductions every time a payment is made to an employee, rather than after the end of each tax year. Regressive taxes - Answer Rise as a proportion of income as income falls. The amount of duty paid on a packet of cigarettes is the same, regardless of the income of the purchaser. That amount will be a greater proportion of the income of a person with a low income than a person with a higher income. Related 51% group company - Answer Companies A and B are related 51% group companies if A is a 51% subsidiary of B, or B is a 51% subsidiary of A, or both A and B are 51% subsidiaries of the same company. B is a 51% subsidiary of A if more than 50% of B's ordinary share capital is owned directly or indirectly by A. Related property - Answer Property related to the property comprised in the transferor's estate which is: - comprised in the estate of his spouse/civil partner; or - held (or has been held within the previous five years) by; >>> a charity; >>> or a political party,