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Taxopedia  ›  T  ›  Tax-free income
T · Glossary

Tax-free income

Income exempt from UK tax (ISA gains, premium bond winnings, scholarships, etc.).

Tax-free income in the UK includes: ISA returns, premium bond winnings, lottery wins, scholarships, certain redundancy pay (first £30k), some compensation, foster carer income (under threshold), and Bereavement Support Payments.

Related terms

ISA (Individual Savings Account)Tax-free wrapper for savings or investments — £20,000 annual limit.Tax allowanceIncome or gains you can earn without paying tax (Personal Allowance, ISAs, etc.).

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