Define: Charge

UK Accounting Glossary

Definition: Charge


Quick Summary of Charge


In relation to interest or taxes, describes the reduction in ownership interest reported in the income statement (profit and loss account) due to the cost of interest and tax payable.



What is the dictionary definition of Charge?

Dictionary Definition


  • The scope of someone’s responsibility.
  • Someone or something entrusted to one’s care, such as a child to a babysitter or a student to a teacher.
  • A load or burden; cargo.

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Full Definition of Charge


In property law, this is the right of a creditor, usually the mortgage lender, to receive a cash payment to cover the debt if the property is sold.

In some cases you may have borrowed further money against the value of your home, or guaranteed a bank overdraft with your home – the financial institution is described in this instance as having a second charge on your property – putting them in line to benefit from the sale after the outstanding mortgage has been settled.


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Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/charge/
Modern Language Association (MLA):
Charge. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. February 25, 2020 https://payrollheaven.com/define/charge/.
Chicago Manual of Style (CMS):
Charge. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/charge/ (accessed: February 25, 2020).
American Psychological Association (APA):
Charge. PayrollHeaven.com. Retrieved February 25, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/charge/

Definition Sources


Definitions for Charge are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • BusinessDictionary.com
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 23rd December 2018.