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HMRC internal manual

VAT Finance Manual

Glossary of terms: I

Incentive Shares Shares issued by a company to its staff at preferential rates sometimes convertible to ordinary shares at a later date.
Income Bond A bond for a fixed period obtained in return for a single lump sum payment where an element of life assurance cover is provided together with the right to make regular withdrawals.
Indemnity A might agree to indemnify B so that if C fails to meet payments due to B then A will be responsible for ensuring B is paid. In the case of an indemnity the indemnifier does not necessarily personally undertake to pay rather he becomes responsible for seeing that the debt is paid.
See also Guarantee    
  Index Linked Gilt A gilt, the interest and capital of which change in line with the retail price index.
  Individual Savings Account (ISA) A tax-free scheme for personal investments. An envelope of differing investments up to a certain value is allowed free of Capital Gains Tax.
  Initial Public Offering (IPO) The offering of a company’s shares on an exchange for the first time.
  Insider Dealing The purchase or sale of shares by someone who possesses ‘inside’ information about the company. This is the information on the company’s performance and prospects which has not yet been made available to the market as a whole, and which, if available, might affect the share price. In the UK such deals are a criminal offence.
  Instrument A formal or written document such as a Promissory Note, Bill, Cheque, Contract, Grant, Deed etc.; a term sometimes used to describe a written order that is drawn on a banker.
  Interbank Rate Rate of interest charged for loans between banks on the interbank market.
  Interest Rate Cap Option An instrument fixing the highest interest rate receivable or payable on a rolling, floating rate credit facility. Such options are used where the bank’s customer requires a facility to borrow, but wishes to limit the highest rate of interest payable. See also Interest Rate Collars.
  Interest Rate Collars A transaction whereby upper and lower interest rate payable or receivable are set.

The sale of an interest rate cap option and interest rate floor option to the same party.

See also Interest Rate Cap Option, Interest Rate Floor Option, and Interest Rate Option.    
  Interest Rate Floor Options Similar to Interest Rate Cap Options, this instrument fixes the lowest interest rate payable or receivable.
  Interest Rate Option The right, without obligation, to deposit (‘put’) or borrow (‘call’) funds at an agreed rate of interest for an agreed period. A premium is charged forming the measure of supply.
  Interim Dividend A dividend declared part way through a company’s financial year, authorised solely by the directors.
  International Depository Receipt (IDR) A receipt issued by a depository when securities are placed with it for storage.
  In-the-money An option where the exercise price is more favourable to the option buyer than the current spot rate.
  Investment Managers Association (IMA) Is the UK trade body for the professional investment management industry. The member companies of the IMA include independent fund managers, the investment arms of banks, life insurers and brokers, and investment banks.
  Investment Trust Company whose sole business consists of buying, selling and holding shares. Investors buy shares in the company itself and may benefit from the increased value of their holding and dividends paid.
  IOSCO International Organisation of Securities Commissions.
  IPE International Petroleum Exchange.
  Issuing House An organisation, usually a merchant bank, which arranges the details of an issue of stocks or shares. It will also make sure the listing of that issue complies with Exchange regulations.