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Definitions (89)
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Voluntary excess
The excess on an insurance policy that you can voluntarily choose to pay. See Excess for further explanation.
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THIRD PARTY INSURANCE
Car insurance which only covers any damage to another person's car, or fire and theft of your car.
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tax year
The tax year runs from the 6th of April to the 5th of April the following year. Taxes due are worked out based on this period rather than the calendar year.
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Taxable income
The amount of money you have earned after your tax allowance and on which you have to pay tax.
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statement
A summary of your account
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tax
The money deducted by the government to pay for public goods and services. Tax is included in the price of many every day items and it is also deducted from your pay.
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tax allowance
The minimum amount you are allowed to earn each year without having to pay tax.
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Quarterly statements
A summary of your account sent to you every 3 months.
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Repayments
The agreed sum of money you have to pay back each month on a loan.
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RPI
Retail Price Index: is a way of measuring the changing prices of everyday items such as groceries over time. This is a good indication of the rate of inflation.
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