Valuation point This is the date and time when the fund manager revalues the investments in a fund, such as a unit trust.
Value added tax (VAT) Most traders in the UK are registered for VAT. This means that registered traders have to charge their customers value added tax on any goods and services they supply which are not exempt. The VAT collected (less VAT they have been charged) is later paid to H M Customs and Excise.
Waiver of premium If a member of a scheme with this benefit becomes seriously ill or disabled and cannot pay their premiums, the insurance company will pay the premium for them. This is called waiver of premium.
Warrant A warrant is a certificate which gives the person holding it the right to buy shares at a given price.
Whole-life assurance This is life assurance cover which lasts the lifetime of the person whose life is assured.
Will A will is a legal document which people use to bequeath (leave as a gift) money and property when they die.
Winding up Winding up a company is done by paying the company's creditors, and then distributing any money left (if any) among the members.
With-profits policy A policyholder with this type of life insurance policy shares in the surpluses of the insurance company's life insurance and pensions business.
Zero-rated This means: that the rate of interest is 0%; or that the VAT rate is 0%. (But it could be raised from this level, if the Government wished to, without fresh legislation being needed.) Zero-rate does not mean the same as exempt. If something is exempt from tax, no tax can be charged on it, unless the law is changed.
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