Define: Tax Rebate

UK Accounting Glossary

Definition: Tax Rebate


Quick Summary of Tax Rebate


A tax refund or tax rebate is a refund on taxes when the tax liability is less than the taxes paid. Taxpayers can often get a tax refund on their income tax if the tax they owe is less than the sum of the total amount of the withholding taxes and estimated taxes that they paid, plus the refundable tax credits that they claim.



What is the dictionary definition of Tax Rebate?

Dictionary Definition


A tax refund or tax rebate is a refund on taxes when the tax liability is less than the taxes paid.

  • An amount of money that is paid back to you if you have paid too much tax.
  • A reduction in the amount of tax that has to be paid on something.

Advertisement



Full Definition of Tax Rebate


A tax rebate is a refund on taxes paid to an individual or household when the actual tax liability is less than the total amount of taxes paid during the tax year. A tax rebate also results from any refundable tax credit that reduces a taxpayer’s bill below zero.

Taxpayers tend to look at tax rebates as a “bonus” or a stroke of luck at tax time. In reality, a tax rebate represents an interest-free loan that a taxpayer makes to the government.


Advertisement



Examples of Tax Rebate in a sentence


You can benefit from an income tax rebate of 32% of the investment made.
This tax rebate is subject to restrictions based upon the amount of income tax you’ve paid.
They are entitled to a road tax rebate.
More than 2 million taxpayers will receive cheques totalling £1 billion because of the local authorities tax rebate program.
Based on your investment of £37,356 you are entitled to a tax rebate of £4,731.
For each worker whose earnings are increased, those companies could obtain an additional tax rebate worth on average £562 per worker.
The drop in the surplus is largely due to the tax rebate checks going out to millions of Americans.
They are negotiating a property tax rebate for elderly home-owners.
She believes that providing considerable tax rebates alongside marginal tax cuts for the middle and upper-middle class will help boost the struggling economy.
A person who uses diesel for excepted vehicles is entitled to a tax rebate upon excise duty.


Tax Rebate FAQ's



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/tax-rebate/
Modern Language Association (MLA):
Tax Rebate. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. March 30, 2020 https://payrollheaven.com/define/tax-rebate/.
Chicago Manual of Style (CMS):
Tax Rebate. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/tax-rebate/ (accessed: March 30, 2020).
American Psychological Association (APA):
Tax Rebate. PayrollHeaven.com. Retrieved March 30, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/tax-rebate/

Definition Sources


Definitions for Tax Rebate are sourced/syndicated and enhanced from:

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

This glossary post was last updated: 12th February 2019.