Copy of `Digita - Finance Glossary`

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Digita - Finance Glossary Category: Economy and Finance Date & country: 19/01/2008, UK Words: 512

disposals
Term used for the sale, gift, loss or exchange of an asset or part of an asset.

dispensation
An agreement between an employer and the Inland Revenue that particular expenses paid to employees are genuine business expenses. The expenses are not reported on the forms P11D or P9D and must not be included on the employees' own Tax Returns.

discretionary trusts
Trusts where the trustees can choose how to allocate the income and/or capital between the beneficiaries. They may also have the power to accumulate income rather than paying it out to beneficiaries every year. The trustees' powers are specified by the trust deed.

discounted securities
Certain redeemable securities that were issued at a price lower than the amount that will be paid when the securities are redeemed. The securities must have been issued after 13 March 1984 at a discount exceeding 15% of the redemption value, or 1/2% of the redemption value for each year between issue and redemption. does not include ordinary shares …

directors' fees
Fees paid by a company to its directors. May be paid in addition to salary and other benefits.

disallowable expenses
Expenses which, although charged in your business accounts, are not tax deductible. The disallowable expenses must be added on to your trading profits when you calculate your taxable profits, and hence tax liability.

director
Someone who is appointed to a position high up in a private or public company and 'directs' how the business is run.

depreciation
A deduction from business profits made to write off the cost of capital assets over their expected useful lives. Depreciation is not an allowable expense for tax purposes, but assets are given an equivalent tax deduction through capital allowances.

deposit
Sum of money which is placed with a deposit taker (a bank for example), usually in exchange for interest on the money deposited.

deposit takers
Bank of England approved organisations that can accept deposits - generally banks, building societies and so on.

dependent child
Any child under 16, or a child aged 16 or over who is in full time education or who needs full time care.

Department of Social Security
The Department of Social Security (DSS) oversees the Benefits Agency (which deals with the payment of state benefits), and until 6 April 1999 was responsible for overseeing the Contributions Agency (which dealt with the collection and recording of national insurance contributions).