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Dictionary of Financial Terms - T

Tax credit
The amount which an ISA manager can reclaim from the Inland Revenue in respect of share dividends received. This is 10% of the amount received until April 2004, when it will no longer be available.

Tax Exempt Organisation
A nonprofit or not-for-profit, charitable organisation which, because it engages in charitable activities, does not have to pay taxes. An organisation must submit evidence of its charitable work and fulfil other requirements to receive tax-exempt tatus.

Temporary Absence
A period during which a member of a group insurance scheme can be away from work and continue to be covered by the insurance.

The period of time for which a policy or bond is issued.

Term Insurance
Provides a lump sum on the death of the life or lives assured during a specified period of time (term). If no death occurs during the term, then the policy will lapse, with no redemption value.

Terminal Bonus
Additional bonus which may be paid when a claim arises under a with-profit policy, either at maturity or on death of the policyholder.

Tax-Exempt Special Savings Accounts (TESSAs) are five-year savings accounts that do not incur tax charges on the interest paid. It has not been possible to open a new TESSA account since April 1999. However, TESSAs in existence before that date can continue up to the end of their 5-year term.

A term signifying one who has made a valid Will.

The Fed
abbreviation for the United States Federal Reserve Bank, America's central bank and its equivalent to the Bank of England.

Third Party
Someone other than the policyholder or insurer who is involved in an insurance claim.

A legal right or document proving legal right.

Title Deed
This is the legal document that not only identifies the owner of a property but also other details about the property and the land it is built upon. This will be kept by the lender until your borrowing and interest on that borrowing has been repaid.

Total Borrowing
the total amount you've actually borrowed on your account. Your Total Borrowing = Agreed/Total Facility - Additional Borrowing.

Total Disability
Inability to undertake either occupational duties or aspects of normal day to day life. In an insurance policy providing cover against this contingency the definition applying to that contract is normally spelled out in detail. The exact definition may vary considerably between policies.

Total Return
the combination of capital growth and reinvested income at the end of any given period. Total return performance figures are always stated on an offer-to-bid price basis.

Transfer Value
Instead of receiving a preserved pension when leaving an occupational pension scheme, a member has the right to transfer its value to a scheme operated by a new employer or a personal pension plan. The transfer value is the amount that is transferred. (N.B. An occupational pension scheme is not bound to accept a transfer value)

A legal arrangement whereby assets are held by one or more appointed persons (trustees) for the benefit of others (beneficiaries). Normally a trust is established by a legal document known as a Deed but a trust may be established by other means. Use of a trust can be an effective way of reducing one's liability for tax. This is a complex area of law and specialist legal advice should normally be sought by anyone dealing with a trust.

The concept of a trust is not recognised in all legal systems.

Trust Deed
A legal document which establishes and governs the operation of a trust.

(1) A board member of a foundation. Trustees are responsible for setting foundation policy and making fund decisions. (2) An individual or corporation named or appointed to administer the terms of a trust document.

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