The financial encyclopedia uses cookies to improve your user experience. Find out more here!



Finance T
'Tableau Economiquc'
Taft-Hartley Act
Take-off in economic development
Take-over bid
Take-over panel
Take-up rate
Talk down
Tangency optimum
Tap issue
Tap stock
Target zone (exchange rates)
Tariff offices
Tasting order
Tatonnement process
Tautology - see Hypothesis
Taylor contract
Tax - see Taxation
Tax, ad valorem
Tax allowance
Tax and price index
Tax assessment
Tax avoidance
Tax base
Tax-based incomes policy
Tax burden
Tax credit
Tax deduction card
Tax deposit certificate
Tax evasion
Tax Exempt Special Savings Account (TESSA)
Tax expenditure
Tax gap
Tax haven
Tax holiday
Tax planning
Tax, progressive
Tax, proportional
Tax, regressive
Tax Reform Act
Tax refund
Tax relief
Tax reserve certificates (UK)
Tax return, personal
Tax schedule
Tax shelter
Tax shifting
Tax, specific
Tax threshold
Tax wedge
Taxation schedules (UK)
Tea auctions
Technical analysis
Technical barriers to trade
Technical efficiency
Technical standard
Technological unemployment
Temporary Assistance to Needy Families (TANF)
Temporary equilibrium
Tender: capital issues
Tender for bills
Tennessee Valley Authority (TVA)
Term Asset-Backed Loan Facility
Term loan
Term premium
Term structure of interest rates
Terminal market
Terminal Market Associations
Terms of trade
Territorial waters
Test discount rate
Theory of distribution
Theory of the firm
Theories of value
Theory of games
Theory of income determination
Theory of second best
Theory of the firm
Thin market
Third class paper
Third-degree price discrimination
Third party insurance
Third Way
Third World
Thornton, William Thomas (1813-80)
Threshold price
Ticket day
Tiebout hypothesis
Tied aid
Tied loan
Tier 1,2 - see Capital ratio
Tight fiscal policy
Tight money
Tight monetary policy
Time bargain
Time deposit (U.S.)
Time discounting
Time lags
Time preference
Time series
Time Series Analysis
Time-series data
Times covered
Tit for tat
Tobin’s q
Tobin tax
Tobit model
Token coins
Tokyo Round of Trade Negotiations
Todaro model
Tolerance interval
Total domestic expenditure
Total final expenditure
Town clearing
Toxic asset
Toxic debt
Trade, Department of
Trade and Industry, Department of
Trade barrier
Trade bill
Trade creation
Trade cycle
Trade deficit
Trade Descriptions Act 1968
Trade diversion and trade creation
Trade investments
Trade liberalization
Trade not aid
Trade-Related Intellectual Property Rights (TRIPS)
Trade-Related Investment Measures (TRIMS)
Trade sanctions
Trade talks
Trade war
Trade-weighted index number
Trading currency
Tragedy of the commons
Trans-Pacific Partnership (TPP)
Transaction costs
Transaction cost economics
Transactions demand for money
Transactions motive
Transatlantic Trade and Investment Partnership (TTIP)
Transfer deed
Transfer earnings
Transfers in kind - see Benefits in kind
Transfer payments
Transformation - see Marginal rate of transformation
Transformation curve
Transitional economy
Transitional unemployment
Transitive relation
Transitory income
Transmission mechanism
Transmission of shares
Transparent policy measures
Traveller’s cheques
Treasure trove
Treasury, the
Treasury bilI
Treasury deposit receipt (T.D.R.)
Treasury notes
Treatment group - see Control group
Treaty of Accession
Treaty of Rome
Treaty of Stockholm
Trend-cycle decomposition
Trial of the Pyx
Triangle of loss
Trickle-down theory
Trigger strategy
Triple-A rating
Troubled Asset Relief Program (TARP)
Troy weights
Truncated sample
Trust deed - see Debentures
Trustee investments
Trustee Savings Bank (TSB)
Turn - see Jobber's Turn
Turgot, Anne Robert Jacques, Baron de l'Aulne (1727-81)
Turnpike theorems
Two-gap model
Two part tariff - see Tariff
Two-sector endogenous growth model
Two-stage least squares
Two-tailed test
Two-tier board
Type I and II errors

Select topic from the list on the left. Should you not find what you are looking for, please feel free to send us a message and we will try to find it for you.

Tax assessment


Tax assessment

The determination of the amount of tax any individual or company is liable to pay. This may be done in one of two ways. One is that the taxpayers make tax returns, listing their income from various sources and any facts affecting their entitlement to tax allowances. The tax authorities then make the actual assessment. The alternative method is self-assessment: besides supplying information on their income and entitlement to allowances, taxpayers produce their own assessments, applying the tax rules to their own figures; these self-assessments are then checked by the tax authorities. In the UK the assessment is made by an Inspector of Taxes if a tax return is made within a time limit; after this taxpayers have to produce a self-assessment. Self-assessment applies to all individuals liable to income tax in the US.

Reference: Oxford Press Dictonary of Economics, 5th edt.