Glossary beginning with B

a | b | c | d | e | f | g | h | i | j | k | l | m | n | o | p | q | r | s | t | u | v | w | x | y | z

Click one of the letters above to be taken to a page of all terms beginning with that letter.

B

Banking law: This is the law that governs the banking sector, including money laundering legislation and accounting and financial services regulation.
Bankruptcy: If you can’t pay your debts, you can declare yourself bankrupt – but you will lose control of your assets and income for a set period of time. The period of time is known as ‘bankruptcy’.
Barrister: A barrister is a member of the Bar Council who is expert in presenting legal cases in court.
Basic rate taxpayers: You are a basic rate taxpayer if you are earning below the higher tax rate threshold and are paying 20% income tax for the tax year.
Basic state pension: This is the pension you receive from the government as a result of paying National Insurance (NI) contributions throughout your working life.
Beneficiary: A beneficiary is a person named in a will or under a trust as entitled to receive a bequest or benefit.
Bonds: A bond is a type of security held on a debt or a single premium life assurance investment bond. Bonds are sold to investors by companies.
Buildings insurance: These policies pay the cost of repairing or rebuilding your home if it’s damaged by unforeseen events. A mortgage lender will usually ask to see proof of adequate insurance to cover the re-building of the property and will inform you of how much cover you need.
Buy-to-let mortgage: This is a loan you take out to buy a property that you intend to let to tenants. Buy-to-let investors need to be aware that properties can fall in value as well as rise. You should always avoid borrowing more than a reasonable percentage of the overall value, and make sure that you budget for periods when you’re not receiving rental income.