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Immigration law

This is the area of law governing the right of non-EU citizens to residence in the UK.

Immigration solicitors

An immigration solicitor helps individuals deal with immigration matters, such as applications and appeals.

Income multiples

This is the factor by which your earnings are multiplied to find out how much you can borrow for a mortgage.

Income protection

This is an insurance policy that pays you a monthly income if you're unable to work due to illness or injury, until you are able to return to work, or you retire, whichever is the sooner.

Income tax

This is the tax paid on your income. Generally, all income is taxable. The exceptions are for income falling within personal allowances and income that’s generated from certain tax-efficient investments such as ISAs.

Independent financial adviser

Independent financial advisers (IFAs) are professionals who give financial advice about products and services across the whole market. They act on your behalf, and may charge a fee or be paid by commission.

Individual Savings Account (ISA)

There are two types of Individual Savings Account (ISA): Cash ISAs, and Stocks and Shares ISAs. Each tax year, you can put money into both types up to the annual limits. ISAs aren’t an investment in their own right, they’re a tax-free ‘wrapper’ in which you can shelter investments.

Inheritance tax (IHT)

Inheritance tax (IHT) is charged on an estate after a person’s death. It’s currently charged at 40% on amounts above the IHT threshold, which can change every year. A person's estate includes the total of everything owned, less any liabilities at the time of their death. If this amount is less than the threshold, no IHT is payable.

Injunction

An injunction is an order of the court that requires an individual or organisation to do or not do a specified act. For example, when a newspaper is ‘given an injunction’, they may be told not to publish a specific article or picture.

Insolvency

Insolvency is usually defined as a financial state in which a company can no longer pay its bills or other obligations on time. It happens when liabilities – or debts – are greater than assets and cash flow.

Insurance Premium Tax:

Insurance premium tax (IPT) is a tax levied by the government on general insurance premiums. Most of the insurance premiums paid by UK consumers will include this tax – such as the insurance for your car, buildings and contents or private medical care. Some kinds of premiums like travel insurance are taxed at a higher rate. However most kinds of long-term insurance like life insurance or permanent health insurance are exempt from this tax.

Intellectual property

Anything that’s created by the intellect – with a commercial value, such as music, literary or artistic works or even computer code – is intellectual property.

Interest

When you give your money to a bank, to look after, you may receive an amount of money on top in return. That percentage is known as interest. You also have to pay interest on loans or mortgages when you borrow money.

Interest-only mortgage

With an interest-only mortgage, you only pay the interest charges on the loan each month. This means that you’re not reducing the loan amount (or capital) itself, which will need to be repaid in some other way. With a repayment mortgage, the loan is reduced to zero at the end of the term.

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