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Glossary of financial terms



Tangible Assets

The combined total of fixed assets and long term investments.

Tapering relief

A new way of calculating capital gains tax. An investor who realises chargeable gains after 5 April 1998, will be subject to tax relief which tapers according to how long he has previously owned the assets. Investors who have owned assets for two years or less from this date will get no tapering relief, while those who have owned assets for 10 years or more will only have to pay tax on 60 per cent of their chargeable gains. All assets bought before 17 March 1998, will be treated as though they have been owned for exactly one year before 5 April 1998.

Tax Exempt Special Savings Scheme or Tessa

A building society or bank savings account that pays interest tax free provided investors leave their capital in the account untouched for five years. Up to £3,000 can be invested in the first year, £1,800 in the next three years and £600 in the last year. The sale of new Tessas will end on 5 April 1999, but schemes which have already been started before then can continue as normal.

Tax year

The period running from April 6 to April 5 in the following year, which is used to calculate individuals' liability to tax.

Technical Analysis

A method of researching investment potential by concentrating on the share price and its relative trends and performance, rather than the underlying financial and business characteristics of the company issuing the securities.

Tender offer

A share offer in which the buyers have to specify what price they are prepared to buy at.

Term assurance

The same as term insurance. The policy pays out if you die within a specified time period.

Term insurance

Insurance that pays out if you die within a specified period of time.


A newsletter usually for private investors, which contains recommendations on specific companies in which to invest. Usually produced to follow a specific investment style or criteria.

Traded options

Not for the inexperienced. The right to buy and sell options over shares. Take advice on the financial consequences of using such financial instruments.

Total return

Fund managers sell their wares by advertising the total return. This amounts to the yield plus the capital growth of shares or unit trusts.

Tracker fund

A fund that aims to provide a safe return by investing pro-rata in shares of one of the key market indexes.


The sales, or gross revenue, of the company during the financial period.

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