Savers (deposit) Protection
If a bank or building society goes under, the amount of compensation you can get is:

• Claims against deposit-taking firms: £31,700 (100% of £2,000 and 90% of the next £33,000).

• Claims against investment firms £48,000 (100% of £30,000 and 90% of the next £20,000).

• Claims against insurance firms:

• Long-term insurance (e.g. pensions, life assurance): 100% of the first £2,000 then 90% of the value (in a liquidation) of the remainder

•General insurance: Compulsory insurance (e.g. third party motor insurance): 100% of the claim Non-compulsory insurance (e.g. home): 100% of the first £2,000 plus 90% of the remainder of the claim.

It has been mentioned that the protection could be increased up to £100 000

Self Assessment
Tax system introduced in April 1996 where certain individuals are responsible for working out their own tax liability and reporting to the Inland Revenue. Those affected are typically the self-employed, partners, pensioners and company directors.

Self-Certification
Several lenders will allow borrowers to self certify their income and no further checks on income are made. This type of scheme is useful to the self employed who may not have accounts available or any other person who has difficulty in proving their earned income. The lender will normally make checks on previous credit history and will require a clear credit search in addition to a good previous lenders reference.

Self-employed
This will usually cover anyone who is not paid under PAYE. In addition, for mortgage purposes, most lenders will class controlling directors as self employed or directors with more than a 20% shareholding. If this applies then the lender is likely to ask to see company accounts and to write to the companies external accountant for proof of income.

Smart cards
A new generation of plastic cards similar to debit cards but which will hold more information. The card will contain a computer chip and will be used to create a cashless payment system with enhanced security. The cards are currently being piloted in certain cities around the world .

Stamp duty
This is a tax which is levied on the purchase of property. The tax is paid by purchasers and is currently levied at the following rates, which were announced on March 22nd, 2000 by the Chancellor in his budget speech: 1% of property value £60000 - £250000, 3% of property value £250001 - £500000 and 4% of property value £500001 and above. The appropriate rate is paid on the whole purchase price and not just the excess applying to that band i.e. a purchase price of £350000 will attract £10500 stamp duty, being 3% of £350000. Since 30th November 2001, some disadvantaged areas of the UK became liable to stamp duty exemption. To see if the property you are purchasing is eligible for exemption, or for more information, visit www.inlandrevenue.gov.uk/so/disadvantaged.htm

Structural Survey
This is the most detailed type of survey report normally undertaken in connection with a House Purchase. If a Structural survey is opted for then the lender will also need to have a mortgage valuation carried out for their own purposes and the borrower will be responsible for both fees. An alternative may be a Home Buyers Report which will cover both the borrower and the lender but advice should be taken from a qualified surveyor who will be able to advise on individual properties and circumstances.

Switch/Delta Card
A debit card which enables the consumer to pay for goods directly from their bank account without the need to carry cash or write out cheques.