What does taxable pay mean on my pay slip?
Quite simply it is the your pay that is subject to income tax.
So that is your pay after deductions such as your personal tax free allowance (which is £6,475 for the 2010/11 tax year), pension contributions paid directly out of gross pay and any allowable expenses.
These deductions are non-taxable. Hence why they are deducted from your gross pay to arrive at your taxable pay.
I hope that clears things up