Glossary
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Import duty
Taxes HM Revenue & Customs charge on goods imported into the European Union. These include Customs duty, Common Agricultural Policy Charges, and Anti-Dumping Duty.Import licence
Some countries may require import licences for certain or all goods. If you are an exporter it's normally your customer's responsibility to comply with import procedures, but it's a good idea to check they're doing so.Import paperwork
Goods in free circulation within the European Union (EU) generally require minimal documentation. But if your imports exceed £600,000 you must provide Intrastat declarations to HM Revenue & Customs for statistical purposes. Some goods need special documentation. Goods imported from outside the EU require a range of import documentation, usually including the Single Administrative Document, and may also need an import licence.Import VAT
The VAT chargeable on imported goods. VAT is also charged on other taxes or duties due on the goods.Import VAT certificate
Official evidence of VAT paid on imported goods before recovering the VAT as input tax. The normal evidence is the monthly certificate, known as form C79.Importation of goods
The entry of goods from a place (or places) outside the European Union territory.Imported goods
Goods imported from outside the European Union and not in free circulation.Imported services
Services received from outside the UK.Imported tobacco products
Tobacco products which originate outside the UK and enter the UK from either another European Union member state or a third country.Importer
Any owner or other person possessing or having an interest in the goods between the time of importation and when they are released into free circulation.Improvement notices
Improvement notices are served by a health and safety inspector if a law has been broken and the infringement is serious enough to warrant it.Inception date
The date from which, under the terms of a policy, an insurer is deemed to be at risk.Income and expenditure statement
A schedule of all income received and payments made during a past or forecasted period.Incorporate
In company law means the legal act of creating a company. This differs from the contract law definition, which means inclusion in or adoption of some term or condition as part of the contract.Indemnity
Insurance principle by which a policyholder is placed in the same financial position after a loss, as they were immediately before it.Indirect export
Refers to goods declared in the UK leaving the European Union via another member state.Indirect representation
A third party who makes a Customs declaration in their own name, but on behalf of a trader.Individuals and trustees self assessment (ITSA)
Also known as income tax self assessment.Inflation
The term for general price increases.Infrared
Method of exchanging information between enabled devices such as mobile phones and personal digital assistants (PDAs) without the need for cables.Injunction
A remedy sometimes awarded by the court that stops some action being taken. It can be used to stop another party doing something against the terms of a contract. Injunctions are at the court's discretion and a judge may refuse to give one and award damages instead.Inland clearance depot (ICD)
A place approved by HM Revenue & Customs to which goods imported in containers/vehicles may be removed for entry, examination and clearance, and at which goods intended for export in container/vehicles may be made available for export control.Insolvency
When a business cannot pay its outstanding debts, or when the value of its assets is less than the value of its debts. Insolvency can lead to the bankruptcy of individuals such as sole traders, or the winding up of a business if it is not addressed.Inspection certificate
Sometimes required by the importer's country to confirm that the shipped goods meet its national specifications.Institution of Engineering and Technology (IET)
The IET has published regulations for electrical installations, which are universally accepted as the standards for electrical installation and maintenance. They are often referred to as IEE regulations, relating to the previous name of the organisation.Insurable interest
The principle that the insured must have an interest (usually financial) in the risk for which the policy is to be issued.Insurance Ombudsman
Official body, financed by participating insurers, to whom unresolved complaints can be referred.Insurance policy
Should cover goods for at least their full value (110 per cent is common), and include details of quantity and route. Where necessary, it should also provide for time extensions and transhipments.Insurance Premium Tax (IPT)
A tax on premiums received under taxable insurance contracts. All types of insurance risk located in the UK are taxable unless they are specifically exempted.Integrated Pollution Prevention and Control (IPPC)
IPPC covered emissions to air, land and water, noise and vibration, energy efficiency, waste minimisation, environmental accidents and site protection. IPPC has been replaced by environmental permitting in England and Wales, but it still applies as Pollution Prevention Control in Northern Ireland and Scotland.Integrated services digital network (ISDN)
A set of international standards for a high speed digital network used for transmitting digital voice and data over telephone lines at speeds up to 128kbps.Interest
The payment for the use of money, ie borrowed from a bank or other lender, expressed as a percentage rate for the period of time in use, generally an annual rate.Interest cover
Where the lender looks at the number of times a borrower would be able to pay interest out of earnings before interest and tax. It gives the bank a basic indication of whether the borrower would be able to pay their debts.Interest rate
The cost of credit, expressed as a percentage rate.International commercial terms (Incoterms)
Agreed rules which set out the delivery terms for goods which are traded internationally. They allow the buyer and seller to agree responsibilities for the carriage of the goods, Customs clearance and a division of costs and risks. The current version of Incoterms, agreed in 2000, contains 13 terms. They are grouped into categories covering various modes of transport.International trade prototype (ITP)
A system for facilitating trade by using electronic data transmission. This allows the export declaration in the country of dispatch to function as the import declaration in the destination country.Internet protocol security (IPsec)
A protocol that provides encryption, and authenticates the sender of the information. IPsec is most commonly used in the implementation of VPNs (virtual private networks) and for remote user access through dial-up connection to private networks.Internet service provider (ISP)
A company that provides its customers with access to the internet. Some ISPs also offer a number of email addresses and web space on which customers can house their own websites.Intra-community
Between member states of the European Union.Intranet
A privately maintained computer network, using the same browser technology and network protocols as the internet, which can be accessed only by authorised users, typically employees of the organisation that owns it.Intrastat
The system for collecting statistics on the trade in goods between European Union (EU) member states. The system exists throughout the EU and requirements are similar in all member states.Intrastat combined nomenclature (ICN)
A listing of codes to be used for classifying goods traded within the European Union. This information is used for statistical purposes.Inventory return code (IRC)
Used by the Cargo Community System to indicate that inventory details sent by the Customs Handling of Import and Export Freight system are incorrect or invalid.Inventory system
A trade computer system that controls the arrival and departure of consignments at most ports and airports in the UK.Investigation settlement
Agreement of liabilities payable following an investigation into a taxpayer's/trader's affairs.Investment trusts
Companies quoted on the Stock Exchange, which invest in other companies' shares.Inward processing relief (IPR)
A Customs procedure providing import duty relief for goods imported to the European Union (EU) or removed from a Customs warehouse, for process and re-export outside the EU.Inward processing relief/continental shelf (IPR/CS)
Special arrangements are available for the transfer of inward processing relief goods to or from locations on the continental shelf outside UK territorial waters.ISO 14001
ISO 14001 is an internationally recognised standard for environmental management systems. The standard recognises businesses that demonstrate compliance with the legislation and attainment of high environmental standards.Issue of shares
When all or part of the authorised capital is allotted or allocated to persons who are then registered as the owners of the shares. Registration may be in paper certificate form or electronic, dematerialised form.
