Managing My Money Glossary
Glossary of terms used in Managing My Money.
Browse the glossary using this index
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IncomeMoney flows received over time. | |
Income TaxA 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-RoomThis 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. | |
InflationA 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. | |
InterestThe charge a borrower pays for the use of someone else's money. | |
Interest-only mortgageA 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. | |
Interest rateThe cost to a borrower of a loan or other form of credit, normally expressed as an annual percentage. | |