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Qualifying Policy.
Qualifying rules vary slightly for each type of policy, but in
general terms must:
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be certified by the Revenue.
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have a 10 year term or longer.
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have regular premiums.
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have a sum assured of at least 75% of premiums paid.
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Qualifying Service.
The length of time needed to entitle a pension scheme member to
short service benefit; currently two years. May include previous
scheme service, if a transfer payment has been made into the current
scheme.
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Quantify. Illustrate
the effect of something in terms of figures.
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Quarter Day. Traditional
payment days at the end of each ‘quarter’ year.
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In England, Wales and Northern Ireland: 25th March (Lady
Day), 24th June (Midsummer Day), 29th September (Michaelmas),
25th December.
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In Scotland: 2nd February (Candlemas), 15th May (Whitsuntide),
1st August (Lammas), 11th November (Martinmas).
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Quartile. A division
of a spread of values divided into four. A statistical division,
generally used in financial services to denote performance of,
say, a particular type of fund. Comparisons of similar funds are
shown in a league table which is divided into four quarters or
quartiles.
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Quick
Ratio. Ratio of liquid assets to current liabilities,
taken as a measure of liquidity.
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Quick Succession Relief.
A relief which reduces, on a sliding scale (100% in year one;
80% year two; 60% year three; 40% year four; 20% year five) the
amount of inheritance tax payable on a gift received by someone
who dies within 5 years of receiving it.
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Quorum. The minimum
number of people needed at a meeting to enable business to be
transacted.
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