Glossary: T

This section explains terms you might have seen in other parts of this site or in communication you have received from creditors.

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Take Home Pay
Definition: Take Home Pay

Your earnings after tax, PRSI and other deductions are deducted. See also Net Pay.

Tangible Assets
Definition: Tangible Assets

Assets that can be touched physically (such as property, equipment and furniture).

Tax
Definition: Tax

A fee charged by the government (through the Revenue Commissioners) on goods, services, income and activities. For more information on all tax matters, see the Revenue Commissioners at www.revenue.ie.

Tax Avoidance
A legal way of reducing the amount of tax a person owes.

Tax Code
A reference for different types of employees to determine how much income tax a person should pay in a certain period and how much of their income is tax free. This code tells your employer how much tax-free income to give you in each pay period. Your tax code is worked out from your tax allowances and other tax adjustments.

Tax Credit

The amount of income on which a person does not pay tax, including their personal allowance and tax relief for any mortgage or health insurance payments.

Tax Debts
Unpaid taxes owed to the Revenue Commissioners.

Tax Evasion
An illegal way of reducing the amount of tax a person owes, for example by concealing income.

Tax Reliefs and Exemptions
There are a range of tax reliefs and exemptions available if you meet certain criteria. For more information, see the Revenue Commissioners’ section on Tax Reliefs and Exemptions
    

Tax Relief at Source
See Mortgage Interest Tax Relief at Source.

Tax Return
A form that a self-employed person must complete to record their income and any allowances for the year and submit to the Revenue Commissioners on time to avoid penalties and fines.

Tax This Period
A statement on a pay slip to say how much income tax a person owes in particular period, based on their particular tax code.

Tel
Abbreviation:Telephone
Telephone Debt
Definition: Telephone Debt

The amount owed to a telephone service provider (such as Eircom, Vodafone or O2). If you have an issue with your telephone service provider, you should contact the independent regulators, COMREG. 

Television Licence
Definition: Television Licence

An annual government charge for owning a television. You can pay your television licence fee at your local post office. For more information on payment options and exemptions, see An Post’s section on TV Licence or Citizens Information’s section on TV Licence.

Tenant
Definition: Tenant

A person who pays rent on the property they live in. If you are a tenant living in private rented accommodation and you have issues with your tenancy, you can contact the Private Residential Tenancies Board at www.prtb.ie. If you are a local authority tenant having issues with your tenancy, you should contact your local authority directly.

Tender
Definition: Tender

A written offer by a company or person to do a piece of work a certain way and under specific conditions (for example, to a certain deadline and at a stated price).

Term Assurance
Definition: Term Assurance

See Insurance.

Term Deposit
Definition: Term Deposit

A type of account a person agrees to leave their savings in for a set period of time (or “term”) or else face penalties.

Term Loan
Definition: Term Loan

A loan that a person or organisation must repay within a set period of time.

Term Policy
Definition: Term Policy

See Insurance.

Terms and Conditions
Definition: Terms and Conditions

The requirements formally laid down in an agreement or contract. Under the Consumer Protection Code, firms providing a product or service must give you all the relevant information about the product or service before you buy it. This information must include the terms and conditions, and details of any fees or charges that apply. All printed information must be clear and in a font size that is easy to read. You are entitled to have a copy of your original signed agreement, together with terms and conditions of your agreement if you request them, under Section 43 of the Consumer Credit Act 1995.

Tick
Definition: Tick

An informal type of short-term credit usually provided by local shops for goods bought there. Unless the provider is a licensed moneylender who provides a written agreement, they are not entitled to charge interest.

Tied Agent
Definition: Tied Agent

Somebody (usually a broker or financial advisor) who is connected (or “tied”) to a certain number of financial services providers and can only recommend those providers’ products.

Timeshare
Definition: Timeshare

A way of owning property (often a holiday home abroad) jointly with other people, each of whom takes a turn to occupy the property for a set period of time. While there are some reputable timeshare companies in the market, there may also be some who will take advantage of consumers.

Holiday clubs are another type of timeshare arrangement. EC law protects consumers entering into timeshare and holiday club contracts of more than three years. For more information and advice, see Time Shares.

Token Payment
Definition: Token Payment

A small payment made to people you owe money to – as a gesture of goodwill – when you cannot afford to pay a more substantial amount.

Total Deductions
Definition: Total Deductions

A combination of all amounts taken from someone’s gross pay (such as tax, pension payments, PRSI and union subscriptions).

Tracker Bond
Definition: Tracker Bond

A fixed-term investment where most of your money is invested in a deposit-based account and the rest is invested in the stock market. Although tracker bonds are generally considered to be low-risk investments, all investments carry some risk. To find out which is the right investment for you, contact a registered investment intermediary.

Tracker Variable Rate
Definition: Tracker Variable Rate

A rate of interest that is linked to another rate, such as the European Central Bank’s (ECB) rate. The tracker rate continues over the term of the mortgage and the lender is obliged to pass on any changes to its customers.

This is in contrast to the “standard variable rate” mortgage, where the rate varies depending on market conditions and other competitive factors.
 
Few, if any, mortgage lenders offer tracker mortgages anymore and if you switch from a tracker rate to a fixed or standard variable rate mortgage, you may not be able to switch back.

Transaction
Definition: Transaction

Any payment into or out of a person’s or company’s account. Also any purchase or sale of goods or services.

Travel Insurance
Definition: Travel Insurance

Insurance that can pay for lost luggage or for certain medical treatments and injuries while travelling abroad.

The European Health Insurance Card
Entitles you to health care if you fall ill or have an accident in another EU Member State. For more information on how to apply for a European Health Insurance Card, see Citizens Information or the EU’s website on the European Health Insurance Card.

Travellers’ Cheques
Definition: Travellers’ Cheques

Cheques issued in a foreign currency that a person buys and signs before they leave for the other country. These can be used to buy goods and services abroad by signing the cheques again and showing identification; travellers’ cheques are generally considered to be one of the safest ways to carry money while abroad. They also have no expiry date and can be kept for your next trip.