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Scheme switchThe transfer of your debt from one mortgage product to another one offered by the same provider. A fee is usually charged by your original lender for this.Scheme switch Similar MatchesFinancial Services Compensation SchemeFinancial Services Compensation SchemeThe Financial Services Compensation Scheme is the sole financial compensatory scheme. It was set up by the Financial Services Authority (FSA) in December 2001, and replaced:Building Societies Investor Protection SchemeDeposit Protection SchemeFriendly Societies Protection SchemeInvestors Compensation SchemePIA Indemnity SchemePolicyholders Protection Boardhttp://www.fscs.org.uk Investors Compensation SchemeInvestors Compensation SchemeA compensation scheme for investors with operating rules set by the Financial Services Authority (FSA). This scheme was replaced by the Financial Services Compensation Scheme (FSCS) in December 2001.The FSCS may be able to assist private investors if the firm with whom an investment was made is fully authorised and has gone into default and cannot pay out claims. No compensation can be sought when investment values decrease as a result of market trends or inflation. The maximum amount claimable under the FSCS is £48,000 which comprises the first £30,000 in full and 90% of the next £20,000. Note: An authorised firm must have satisfied the FSA that it is 'fit and proper' to conduct investment business. A list of authorised firms, known as the Central Register is maintained by the FSA. However members of Recognised Professional Bodies (RPBs) such as solicitors are not included in the ICS and operate their own compensation arrangements. Enterprise Investment SchemeEnterprise Investment SchemeThe Enterprise Investment Scheme is a UK tax incentive scheme designed to encourage investors to invest in unquoted companies. The benefits are:Income tax relief at 20%: so if you invest £10,000, the taxman gives you £2,000 back.CGT relief: provided you hold your investment for five years, any gains subsequently made are free of capital gains tax.Tax relief on losses: if your EIS investment is a disaster, you can set the losses off against gains made in the tax year in which you incur losses.Rollover relief: if you use the proceeds from selling shares in Company A to invest in Company B, and Company B is an EIS-qualifying company, you won't have to pay tax on the gains made from Company A until you subsequently dispose of Company B's shares. i.e. your gain is rolled over.The maximum amount you can invest in an EIS is £150,000 annually. Similar tax breaks are available from investments in Venture Capital Trusts (VCTs). Essentially, these are investment trusts that invest in small unquoted companies. As with EIS investments, there are lots of rules which, if broken, will invalidate the tax advantages.The risks associated with EIS companies are high and you should take professional advice before committing funds to them. Equity release schemeEquity release schemeA scheme designed to allow homeowners to 'release' cash from the value of their property. They come in two varieties:Home income plansHome reversion schemesWith either type, you can choose to receive the equity as income, as a lump sum or as a mixture of both.Schemes offered by financial institutions vary considerably and, as always, it is important to look at the small print. Some schemes are only available to people over 70, while others are suitable for younger homeowners with longer life expectancies.Safe Home Income Plans (SHIP) is a self-regulatory body that was formed in 1991 to promote fairer schemes after thousands of elderly homeowners were left with large losses in the late Eighties. SHIP can be contacted on 01242 539 494. Eurocheque schemeEurocheque schemeA European payment scheme in which a person person can use eurocheques and a guarantee card where the EC sign is displayed to purchase goods and obtain cash in the local currency of a European country outside his/her country of residence. The eurocheque is debited from the person's current account after currency conversion. Further Suggestionspersonal pension schemeDeposit Protection Scheme pyramid scheme Investor Protection Scheme company pension scheme Business Expansion Scheme Inland Revenue Pension Schemes Office Annualised payment scheme occupational pension scheme State Earnings Related Pension Scheme money purchase scheme (defined contributions scheme) simplified defined contribution scheme Mortgage code arbitration scheme Pension Schemes Registry final salary scheme (defined benefit scheme) unfunded unapproved retirement benefits scheme Pyramid scheme Building Societies Investor Protection Scheme Contracted out money purchase scheme profit sharing scheme Linking scheme |
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