That part of income which is liable to tax. Taxable income differs from total cash receipts in several ways. Some receipts are regarded as being of a capital nature: these may be liable to capital gains taxes, but are not liable to income tax. Taxable income may include imputed income, such as the rental value of owner-occupied houses (not in the UK). Total income may be reduced for tax purposes by various allowances, either personal allowances for all taxpayers, or allowances for particular categories, for example in respect of dependants, charitable donations, or pension contributions.