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HMRC internal manual

VAT Finance Manual

HM Revenue & Customs
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Glossary of terms: G

Gearing A company’s debts expressed as a percentage of its equity capital. High gearing means debts are high in relation to equity capital.
GEMMS Gilt-edged market makers.
Gilts or Gilt-Edged Securities Loans issued on behalf of the government to fund its spending. They fall into the following categories:
  • ’longs’: those with a redemption date greater than 15 years.
  • ‘mediums’: those with a redemption date between 5 - 15 years.
  • ‘shorts’: those with a redemption date within 5 years.    
      Global Custody A package of financial services supplied to an investor that may include: safe custody of the securities bought; collection of dividends or interest; and the purchase and sale of securities on the investors behalf.
      Global Depository Receipts (GDRs) Are negotiable certificates that give evidence of ownership of a company’s shares. They are marketed internationally, mainly to financial institutions.
      Going Naked In connection with the options trading market, when operators take option money on stock which they do not own and cannot deliver, in the hope that it can be bought back at a lower level.
      Government Bond A bond issued by a Government.
      Guarantee A might agree to guarantee to B that if C fails to meet payments due to B then A will pay.
See also Indemnity    
  Guarantee Fee A fee charged for giving an undertaking to pay in the event of a default by a client is a guarantee fee.