Impaired Life Annuity (Pensions)

An Impaired Life Annuity is when an Individual who has a Personal Pension Plan or contribution scheme is unable to work as a result of their medical condition, they may be able to draw an immediate annuity on enhanced terms.

Income Drawdown (Pensions)

This should be Capped - the two DD contracts being Capped and Flexible. A Capped Drawdown is a type of income withdrawal, where you can choose to access the Pension Commencement Lump Sum and take an income (or not) directly from your Pension Fund without having to purchase any form of annuity. A Capped Drawdown has a maximum amont of income you can take.

Income Protection (Personal Insurance)

Income Protection Insurance pays benefits to policyholders who are unable to work due to accident or illness. IPIs were once known as Permanent Health Insurance.

Income Tax (Wealth Preservation)

Tax that is imposed on all income created by all entities under their jurisdiction subject to individual's allowances. Businesses and some Individuals are required to file an Income Tax Return annually to determine whether they owe any Taxes or are due a Tax refund. Income tax is a primary source of revenue that governments use to run a nation.

Increasing Term (Personal Insurance)

Increasing Term simply adds to the amount insured based on a certain rate. The increase is applied annually throughout the life of the policy. Policies can range anywhere between 1 and 30 years.

Independent Financial Advisers (IFAs)

Independent Financial Advisers (IFAs) are professionals who offer independent advice on financial matters to their clients, and recommend suitable Financial Products from the 'whole of the market'.

The term 'Independent Financial Adviser' first originated when describing the Advisers working independently for their clients rather than representing a Bank, Pension or Insurance Company.

IFAs are regulated by the Financial Conduct Authority (FCA) and must meet strict qualification and competence requirements.

Inheritance Tax (Wealth Preservation)

A Tax that is imposed on the estate of Individuals who die (subject to allowances) before the proceeds can be passed on to their chosen beneficiaries. 

IHT Solutions (Wealth Preservation)

Inheritance Tax Solutions are financial plans put in place mainly by Financial Advisers to help the transition of wealth from one generation to another to mitigate or reduce the Inheritance Tax.

Interest Only Mortgages (Mortgages)

During the term of an Interest Only Mortgage, the payments to your lender only go towards repaying the interest charged, you do not actually repay any of the money you originally borrowed (the capital).

This means you should make other arrangements for paying back the capital.

Investment Income (Investments)

Investing for Income is money generated from Dividends, Capital Gains Tax and Interest Payments collected upon the sale of a security or other assets, and any other profit that is made through an investment. 

Investment Linked (Personal Insurance)

Investment Linked Insurance Plans are policies that have investment and Insurance protection components. The premiums provide both life insurance cover and investments into funds of your choice. You can decide how much of the premium to allocate to either the Life Insurance or the Investment funds.

Investment Trusts (Investments)

An investment trust is a type of collective investment. They are closed-end funds constituted as public limited companies. Investors' money is pooled together from the sale of a fixed number of shares. The board of a company would delegate responsibility to a Fund Manager to invest in a diverse amount of stocks and shares of a wide range of companies.

IR35 (Accounting)

An IR35 is designed to tax 'disguised employment' at a rate similar to employment. The term 'Disguised Employees' can mean workers who receive payments from a client via an intermediary (example) a third party Company, so as to avoid full taxation.

ISAs (Investments)

Individual Savings Accounts are made for the purpose of saving with a favourable tax status. An ISA can be made of 'Stocks & Shares ISA' and a 'Cash ISA' subject to annual allowances. Now known as NISAs.

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