profit-related pay

= PRP
A former UK scheme enabling employees to be paid part of their salary tax-free; it was phased out in 2000–01. Payments to employees under a registered scheme could be tax-free up to the maximum for the year; for profit periods beginning in 1999 this was £1000 or 20% of total pay, whichever was the lower.

Accounting dictionary. 2014.

Look at other dictionaries:

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  • pay — I noun allowance, award, compensation, consideration, defrayal, defrayment, earnings, emolument, fee, grant, hire, income, indemnity, meed, merces, monetary return, payment, perquisite, profit, reckoning, recompense, reimbursement, remittance,… …   Law dictionary

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  • pay — Synonyms and related words: accomplish, achieve, advantage, afford, angel, answer, attend to, avail, back, bankroll, base pay, be exposed to, be gainful, be had, be handy, be of use, be profitable, be subjected to, be worthwhile, benefit, bestead …   Moby Thesaurus

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