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I

Income Tax

This is tax you pay on the income you earn each year above a certain amount. As well as your salary, income tax is also charged on interest and dividends you receive. The amount of tax you pay depends on the amount of money you earn and on your allowances.

Indemnity Contribution

An insurance taken out by all solicitors which covers any loss to clients that arises from error or negligence on their part when employed on clients’ behalf.

Indirect Cylinder

A hot water cylinder separating domestic water and central heating water.

Inflation

The amount in percentage terms by which prices rise or fall year on year. In the UK, the primary measure of this is the Retail Price Index (RPI); the underlying rate of inflation is the RPI with mortgage repayment figures stripped out.

Inspection chamber

An access point to underground drains comprising a chamber (of brick, concrete or plastic) with the drainage channel at the bottom and a removable cover at ground level. Also called "man-hole".

Insulation

- Heat insulation; Materials fitted to ceilings, walls and floors in buildings to improve energy efficiency
- Sound insulation; Materials fitted to walls and floors to reduce the passage of sound between rooms and properties.

Insurance

This is usually discussed with your mortgage adviser or lender when making mortgage arrangements. You will need:

· Contents insurance: To work out how much cover you need for a household contents insurance policy, you need to add up the value of all the possessions in your home. It is recommended that any items of particular value - jewellery for example – are specified and covered by an “all risks” policy, which applies even when the items are not in the home.
· Buildings insurance: Cover for the bricks and mortar of your home. It is advisable to review insurance cover regularly.

Intensive green roof

A version of a green roof, often referred to as a roof garden, that provides benefits akin to a small urban park or domestic garden. Designed primarily for recreational use, intensive roofs are typically configured with 200 mm+ of substrate and often require regular maintenance and irrigation.

Interest

The money you are charged for borrowing.

Interest-only Mortgage

You only pay interest to your lender throughout the mortgage term and your mortgage balance doesn't reduce.

Interim payments

Payments agreed in instalments, should be agreed in writing before any work is carried out.

Intestate

Dying without having made a Will. If a UK resident dies intestate there are rules as to the distribution of the estate, which have to be followed whether or not they coincide with what the deceased person would have wished.

Isolating valve

A form of tap designed to control the supply of water to a system. A tap to control water supply to a system.