T

Tax credits

Tax credits are payments made by the government. Usually, they’re made to people on low incomes, to families with children, or to registered carers.

Tax Exempt Special Savings Account (TESSA)

From April 2008, TESSAs automatically became ISAs.

Tax-efficient investing

Tax-efficient investing is the process of investing in such a way as to minimise the amount of tax paid. This could mean using tax-efficient investments such as ISAs, or making contributions to your pension.

Taxation law

This area of law governs the payment and evasion of tax due to Her Majesty’s Revenue & Customs.

Term

This is the length of the contract you make with your mortgage, policy or investment provider.

Term assurance

This is a policy that provides a guarantee to pay a specific amount of money, during a pre-agreed period of time, if you die. It’s also known as Life Assurance.

Tied financial advisers

A tied financial adviser can only offer advice on the products of one provider.

Tracker mortgage

This is a mortgage that has a level of interest rate linked to a particular rate, set independently from the lender. The level of interest you’ll pay will move up and down, as the rate moves up or down.

Travel insurance

This type of policy usually pays out if you unexpectedly have to cancel your holiday; are taken ill while away; accidentally injure somebody or damage somebody else's possessions; or if you lose your own possessions. Different levels of cover are available to protect you whilst you travel, and costs can vary depending on where you travel to and how long you plan to be away – or you can choose to buy annual or multi-trip insurance.

Trusts law

This type of law governs the creation and maintenance of trusts, such as those used to protect family assets through the generations.

Go to top