UK Accounting Glossary
The term dependent generally describes a person who is financially sustained by someone else. Most commonly, the word dependent applies to children who are supported by their parents. A dependent may also rely upon financial help derived from grandparents, older siblings, or legal guardians. One spouse that is financially born by the other is likewise considered a dependent. Dependent is a term that may also extend to persons over the age of sixty-five, implying the incapacity to be financially self-reliant due to old age. Having a dependent qualifies a taxpayer for certain tax breaks. This means that for each dependent a person can claim dependency exemptions. Having a dependent may also provide certain financial latitude in healthcare insurance and education.
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.
Definitions for Dependent are sourced/syndicated and enhanced from:
This glossary post was last updated: 7th February 2020.