- income tax code
- A code number issued by the Board of Inland Revenue that takes account of the personal allowance available to the taxpayer together with any other additional allowances to which he or she is entitled, e.g. married couple's allowance. The code is used by the employer through the pay as you earn scheme to calculate the taxable pay using tables supplied by the Inland Revenue. The income tax code can also be used to tax benefits in kind, such as company cars, by reducing the code number and so collecting more tax each tax week or month. The code provides a means of ensuring that the tax due for the fiscal year is deducted from the employee's earnings in equal weekly or monthly amounts.
Accounting dictionary. 2014.
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