UK Accounting Glossary
In relation to interest or taxes, describes the reduction in ownership interest reported in the income statement (profit and loss account) due to the cost of interest and tax payable.
In some cases you may have borrowed further money against the value of your home, or guaranteed a bank overdraft with your home – the financial institution is described in this instance as having a second charge on your property – putting them in line to benefit from the sale after the outstanding mortgage has been settled.
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This glossary post was last updated: 23rd December 2018.