W

Whole Life Policy - A life insurance policy which pays a specified amount on the death of the life assured.

Winding Up - The legal termination of a pension scheme.

With Profits Policy - A life insurance or pension policy which has annual bonuses added to the sum insured.

Working Capital - The amount of money tied up in the day to day operations of the business.

Work-out solutions - An informal reorganisation of the business and settlement of its affairs outside of formal insolvency proceedings.

X

XD - Ex-Dividend - The interval between the announcement and payment of the next dividend or, in the case of a unit trust, the next income distribution.

Y

Yield - The annual dividend or income from an investment.

Z

Zero Rated - Goods or services that are taxable for VAT but with a tax rate of zero.