Tony Stitt Associates - Chartered Accountants London
Tony Stitt Associates - Chartered Accountants London
Tony Stitt Associates - Chartered Accountants London

Glossary

Glossary

This glossary provides an explanation of terms and abbreviations found on this site and are common terms within the Financial community. It is by no means comprehensive, so if there is any further explanation required or any other term you would like defined, please enquire.

AEOI - Automatic Exchange of Information
AIC - Association of Investment Companies
AIF - Authorised investment Fund
AIFM - Alternative Investment Fund Managers
AIFMD - Alternative Investment Fund Managers Directive
AIM - Alternative Investment Market
AIMA - Alternative Investment Management Association
AMAP - Approved Mileage Allowance Payment
APN - Accelerated Payment Notice
ART - Additional rate income tax (UK)
AUT - Authorised Unit Trust (UK)

BAS - Business Advice Service (ICAEW)
BEPS - Base erosion and profit shifting
BN - HMRC Budget News Release
BRT - Basic rate income tax (UK)
BVCA - British Venture Capital Association

CASC - Community Amateur Sports Club
CATT - Central Agent Authorisation Team
CCCTB - Common consolidated corporate tax base
CCF - Common Contractual Fund (Dublin)
CDF - Contractual Disclosure Facility
CFA - Committee on Fiscal Affairs
CGT - Capital Gains Tax
CI - Criminal Investigations
CIS - Collective Investment Schemes Sourcebook - pre 19/04/2006
CIS - Commonwealth of Independent States - Countries of former Soviet Republics
CISX - Channel Islands Stock Exchange
COIHC - Closely-owned Investment Holding Companies
COLL - Collective Investment Schemes Sourcebook - from 19/04/2006
COP - Code of Practice
CP - Consultation Paper
CP - Consultation Paper
CPEC - Convertible Preferred Equity Certificate
CPSE - Commercial Property Standard Enquiry
CPI - Consumer Price Index
CPMA - Consumer Protection and Markets Authority
CRS - Common Reporting Standard
CSG - Cost Sharing Group
CTA - Corporation Tax Act 2010
CTF - Child Trust Fund

DAC - Directive on Administrative Co-Operation
DOTAS - Disclosure of Tax Avoidance Scheme
DTA/DTT - Double Taxation Agreement/Double Taxation Treaty
DTTP - Double Tax Treaty Passport Scheme

EBT - Employee Benefit Trust
EC - European Commission
ECJ - European Court of Justice
EEA - European Economic Area
EIS - Enterprise Investment Scheme
ELPS - Equitable Life Payments Scheme
e-MDF - e-Markets Disclosure Facility
EPUT - Exempt Unauthorised Property Unit Trust
ESC-C16 - Extra-Statutory Concession
ESMA - European Securities and Markets Authority
EU - European Union
EUSA - EU Savings Agreement
EUSD - EU Savings Directive
EUUT - Exempt UK unauthorised unit trust

FACTA - Fair and Accurate Credit Transactions Act (US)
FAIF - Funds of Alternative Investment Fund
FAQ - Frequently asked question
FATCA - Foreign Account Tax Compliance Act
FCA - Fellow of the Institute of Chartered Accountants also Financial Conduct Authority
FCO - Foreign & Commonwealth Office
FCP - Fonds commun de placement - Fund invested in stocks, bonds and/or money-market securities
FD - Financial derivative instruments
FHL - Furnished Holiday Letting
FRC - Financial Reporting Council
FRS - Flat Rate Scheme
FSA - Financial Services Authority
FSMA - Financial Services and Markets Act 2000
FTT - Financial Transaction Tax
FTT - First Tier Tribunal
F-tT - First tier Tribunal
FTWA - Full-time work abroad

G20 - Group of Finance Ministers and Central Bank Governors from 20 major economies
GAAP - Generally Accepted Accounting Principles
GDO - Genuine diversity of ownership
GPUT - Guernsey Property Unit Trust

HMRC - Her Majesties Revenue and Customs
HMT - Her Majesty's Treasury
HRT - Higher rate income tax (UK)
Holdco - Holding Company

ICAEW - Institute of Chartered Accountants of England and Wales
ICTA - Income and Corporation Taxes Act
IFRS - International Financial Reporting Standards
IGA - Intergovernmental Agreement
IHT - Inheritance Tax
IMA - Investment Management Association
IOD - Institute of Directors
IRS - Internal Revenue Service (USA)
ISA - Individual Savings Account
ITA - Income Tax Act 2007
ITC - Closed-ended Investment trust company
ITEPA - Income Tax (Earnings and Pensions) Act 2003
ITSA - Income Tax Self Assessment
ITTOIA - Income Tax (Trading and Other Income) Act 2005

JPUT - Jersey Property Unit Trust

LA - UK Listing Authority
LEL - Lower Earnings Limit
LDF - Liechtenstein Disclosure Facility
LLP - Limited liability partnership
LP - Limited partnership
LTV - loan-to-value

MCP - Management Company Passport
MOU - Memorandum of understanding
MTD - Making Tax Digital

NAV - Net asset value
NISA - New Individual Savings Account
NIC - National Insurance Contribution
Non-dom - a UK resident whose permanent home, or domicile, is outside of the UK
NRB - Nil rate band
NRLS - Non Resident Landlord Scheme
NURS - Non-Ucits retail scheme

OECD - Organisation for Economic Co-operation and Development
OEIC - Open-ended investment company (UK)
OFR - UK Reporting Fund Regime
OIG - Offshore income gain
OTS - Office of Tax Simplification
OWR - Overseas Workday Relief

PAIF - Property Authorised Investment Fund
PAYE - Pay As You Earn (Tax)
PFPV - Pension Fund Pooling Vehicle
PPI - Payment Protection Insurance
PPL - Profit-participating loan
PRA - Prudential Regulation Authority
PT - Primary Threshold
PUT - Property Unit Trust

QEF - Qualifying Electing Fund
QIF - Qualifying Investor Fund (Dublin)
QIS - Qualified Investor Scheme (UK)
QNUPS - Qualifying Non UK Pension Scheme
QROPS - Qualifying Recognized Overseas Pension Scheme
QTD - Qualifying Time Deposit (account)

RBC - Remittance Basis Charge
RDR - Retail Distribution Review
REIT - Real Estate Investment Trust
RMC - Residential Management Company
RPI - Retail Price Index
RTI - Real Time Information

SA - Self-assessment
SD - Stamp Duty
SDLT - Stamp Duty Land Tax
SDRT - Stamp Duty Reserve Tax
SEIS - Seed Enterprise Investment Scheme
SICAV - Open-ended collective investment scheme (Luxembourg)
SIF - Special Investment Fund (Luxembourg)
SIPP - Self-invested personal pension
SIV - Structured investment vehicle
SLP - Stock Listed Price
SME - Small and Medium (Medium-sized) Enterprises
SPV - Special Purpose Vehicle
SRO - Self-Regulating Organisation
SRIT - Scottish Rate of Income Tax
SRT - Satutory Residence Test - statutory definition of UK tax residence
ST - Secondary Threshold

TCF - Treating Customers Fairly
TCGA - Taxation of Chargeable Gains Act 1992
TCUP - Tax Catch Up Plan
TEF - Tax Elected Fund
TER - Total Expenses Ratio
TIEA - Tax Information Exchange Agreement
TLPI - Traded Life Policy Investment
TNRF - Transparent non-reporting fund
TRF - Transparent reporting fund

UCITS - Undertakings for Collective Investment in Transferable Securities
UK - United Kingdom
US - United States
US 40 - United States Regulated Investment Companies (known as 40 Act Funds)
USM - Unlisted Securities Market
UT - Upper Tribunal
UTR - Unique Taxpayer Reference

VAT - Value added tax
VCIC - Open-ended Variable Capital Investment Company (Dublin)
VCT - Venture Capital Trust

WHT - Withholding tax

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