Glossary

Here is a brief glossary of terms and abbreviations used throughout this website. These are in addition to the specific explanations provided within the 'Tools' section. Please note that if you are in doubt about any of the content contained in these pages, please do not hesitate to contact a member of our team.

Beneficiary

A person or other legal entity who receives money or other benefits from a trust

BIMBO

Buy-In Management Buy-Out.

CGT

Capital Gains Tax.

DTI

Department of Trade and Industry.

FOS

Financial Ombudsman Service.

FSA

Financial Services Authority.

HMRC

Her Majesty's Revenue and Customs.

IFA

Independent Financial Advisor.

IHT

Inheritance Tax.

Legatee

A person named in a Will to receive property. A legatee is a person to whom a legacy is given by a last Will and testament.

MBI

Management Buy-In.

MBO

Management Buy-Out.

Mergers (and acquisitions)

The phrase mergers and acquisitions or M&A refers to the aspect of corporate finance strategy and management dealing with the merging and acquiring of different companies as well as other assets.

SIPP

Self Invested Personal Pension.

SSAS

Small Self-Administered Scheme.

Stamp duty Land Tax

The tax charged at various rates when purchasing property (principally freehold, leasehold and goodwill). The tax is charged at a percentage dependant on the value of the property.

Succession

Covers the two distinct concepts of inheritance (a gift made by Will or other testamentary document on death) and heirship, which applies where property passed to one or more dependants according to a formula set out in law, religion, custom or under the

Trustee

A legal term that refers to a holder of property on behalf of some other beneficiary. A trust can be set up either to benefit particular persons, or for any charitable purposes.

Venture Capital

Capital provided by outside investors for financing of new, growing or struggling businesses. Venture capital investments generally are high risk investments but offer the potential for above average returns.