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Managing my money
Managing my money

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Managing My Money Glossary

Glossary of terms used in Managing My Money.

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I

Income

Money flows received over time.

Income Tax

A tax that is payable on almost all sources of income within a given tax year from 6 April to the following 5 April. There is no minimum age at which a person becomes liable to pay income tax.

Income Tax Rent-a-Room

This scheme allows someone who rents accommodation in their property to earn up to £4250 (in 2013/14) tax free from rental income. This is halved if the income is shared, for example, with a partner.

Income drawdown

Leaving a pension fund invested after the pension starts to be paid. The pension is drawn directly from the fund using any income the investments earn and/or periodically cashing in some of the investments.

Inflation

A general increase in prices and fall in the purchasing value of money.

Insurance Premium Tax (IPT)

A tax levied by the UK government on some insurance premiums.

Interest

The charge a borrower pays for the use of someone else's money.

Interest rate

The cost to a borrower of a loan or other form of credit, normally expressed as an annual percentage.

Interest-only mortgage

A mortgage where the periodic repayments made by the borrower to the lender are solely the interest due and where the capital or principal sum borrowed is paid off in full at the end (or 'maturity') of the mortgage.