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Taper Relief - mechanism whereby Capital Gains tax is reduced. Very favourable to business people cashing in on the value of their business.

Technical Analysis - an investment philosophy that believes that the past patterns of share movements can be used to predict future movements, (esp. over the short term).

Tenants in Common - a way of sharing the ownership of a property. Shares can be unequal. Each person can do with what they like with their share, including sell it or pass it to someone in a Will. See also Joint Tenancy

TEP - see Traded Endowment Policies.

Term Assurance - a policy that runs for a term, and then lapses without value (if no claim arises during the term).

Terminal Bonus - A bonus that is added to a With Profits policy when the policy matures. May also be added (possibly at a lower rate) in the event of early surrender.

Traded Endowment Policies - some endowment polices are worth more to an investor than their surrender value, hence a trade between those who want cash now (the owner) and those who want investment (the buyer).

Transfer Value (pensions) - the amount of money that can be taken from one pension scheme or fund for investment in another.

Triviality Commutation - the ability to take an entire pension fund as Tax Free Cash if your total pension funds are less than 1% of the Lifetime Allowance.

Trust - a legal structure whereby people (Trustees) look after money/assets on behalf of someone else, (the beneficiary (s)). They can be very simple, or very complex. If asked to be a Trustee, make sure that you understand what your legal duties are, and what may happen if you are found to have acted improperly.

Trustee - person who is responsible for running a Trust (normally there is more than one Trustee).