T:

Tax credits: It is a benefit which is paid to the employees through the tax system. Through this the net income increases. In this a partial payment which has already been for taxes is recognized. The examples can be working tax credit, pension credit etc.

Tax Codes: This code is taken into account by your employer or pension payer to calculate the amount of tax to deduct from your pay or pension. A tax code consists of several numbers and a letter, for example: 237L or Q417.

Taxable earnings: Taxable Earnings is the portion of your gross earnings that is subject to being taxed. The amount of an individual’s annual income on which tax is payable defined as: • Taxable earnings = Income – Tax Relief – Allowances modify

Trust deed: It is a legal written instrument which is used to convey a property to a trustee. This is often used to secure an obligation such as mortgage or promissory note.

Trustee in bankruptcy: A person who is appointed by a bankruptcy court, and he takes care of a bankrupt’s property. In this case the trustee takes in charge of the property in trust, for the creditors not for the defaulter.

Trustor: This is a person who creates a trust by giving his personal assets in trust to a trustee which is for the benefit of a beneficiary. One thing should be noted that person who lets out such property is said to settle it on the trustee. Such a person is also known as guarantor.

Trustee: This is a person or an institution which holds a legal title to a property entrusted to him for the benefit of others.