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Underlying profit before tax: The profit on ordinary activities before taxation, after excluding trading profits, profits on disposal of fixed assets, one-off gains relating to other investments and exceptional items.
Unit trust: A mutual fund structure that allows investors to pool together and invest collectively in investments such as shares and bonds. The investor effectively the beneficiary under the trust.
Unoccupied rate (or empty rate): The rate chargeable by an authority on empty non-domestic properties.
Upward only rent review: A rent review that has an ‘upward only’ rent review clause, then the rent can never go down; it either increases at the point of review or remains the same.