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Vesting

In law, vesting is to give an immediately secured right of present or future deployment. One has a vested right to an asset that cannot be taken away by any third party, even though one may not yet possess the asset. When the right, interest, or ...

Webster ruling

The Webster ruling is a test case in association football law involving Andy Webster, a defender formerly with Heart of Midlothian football club in Edinburgh, Scotland. In September 2006 he became the first player to exploit the updated transfer ...

Work permit

There are seven standard ways to apply for a work permit in the United Kingdom: the Business and Commercial Arrangements, the Training and Work Experience Arrangements, the Sports people and Entertainers Arrangements, Student Internships, GATS, A ...

Workplace Fairness

Workplace Fairness is a 501 public education and advocacy organization, founded in 1994 as the National Employee Rights Institute. According to its mission statement, the organization "believes that fair treatment of workers is sound public polic ...

Works council

A works council or work council is a shop-floor organization representing workers that functions as a local/firm-level complement to trade unions but is independent of these at least in some countries. Works councils exist with different names in ...

Wrongful dismissal

In law, wrongful dismissal, also called wrongful termination or wrongful discharge, is a situation in which an employees contract of employment has been terminated by the employer, where the termination breaches one or more terms of the contract ...

Wrongful dismissal in the United Kingdom

In United Kingdom law, the concept of wrongful dismissal refers exclusively to dismissal contrary to the contract of employment, which effectively means premature termination, either due to insufficient notice or lack of grounds. Although wrongfu ...

Blank endorsement

Blank endorsement of a financial instrument, such as a cheque, is only a signature, not indicating the payee. The effect of this is that it is payable only to the bearer – legally, it transforms an order instrument ") into a bearer instrument. It ...

Burton v. United States

Burton v. United States is the name of two appeals to the Supreme Court of the United States by Senator Joseph R. Burton following his conviction for compensated representation of a party in a proceeding in which the United States was interested: ...

Check 21 Act

The Check Clearing for the 21st Century Act is a United States federal law, Pub.L. 108–100, that was enacted on October 28, 2003 by the 108th U.S. Congress. The Check 21 Act took effect one year later on October 28, 2004. The law allows the recip ...

Clearfield Trust Co. v. United States

Clearfield Trust Co. v. United States, 318 U.S. 363, was a case in which the Supreme Court of the United States held that federal negotiable instruments were governed by federal law, and thus the federal court had the authority to fashion a commo ...

Crossing of cheques

A crossed cheque is a cheque that has been marked specifying an instruction on the way it is to be redeemed. A common instruction is for the cheque to be deposited directly to an account with a bank and not to be immediately cashed by the holder ...

Expedited Funds Availability Act

The Expedited Funds Availability Act was enacted in 1987 by the United States Congress for the purpose of standardizing hold periods on deposits made to commercial banks and to regulate institutions use of deposit holds. It is also referred to as ...

Fraud in the factum

Fraud in the factum is a type of fraud where misrepresentation causes one to enter a transaction without accurately realizing the risks, duties, or obligations incurred. This can be when the maker or drawer of a negotiable instrument, such as a p ...

Gold v. Eddy

According to the reporters summation: In an action by the endorser against the promisor of a promissory note negotiated subsequent to the day of payment, the defendant may go into such evidence as he would have been entitled to had the action bee ...

Holder in due course

In commercial law, a holder in due course is someone who accepts a negotiable instrument in a value-for-value exchange without reason to doubt its legitimacy. A holder in due course acquires the right to make a claim for the instruments value aga ...

Installment note

An installment note is a form of promissory note calling for payment of both principal and interest in specified amounts, or specified minimum amounts, at specific time intervals. This periodic reduction of principal amortizes the loan.

Negotiable Instruments Act, 1881

The history of the present Act is a long one. The Act was originally drafted in 1866 by the 3rd Indian Law Commission and introduced in December 1867 in the Council and it was referred to a Select Committee. Objections were raised by the mercanti ...

Note issuance facility

Note issuance facility is an underwriting agreement/arrangement in the Eurocurrency market under which borrowers place short/medium term notes via a syndicate of prime/commercial banks, and the borrowers issue is backed by the commitment of the s ...

Promissory note

A promissory note, sometimes referred to as a note payable, is a legal instrument, in which one party promises in writing to pay a determinate sum of money to the other, either at a fixed or determinable future time or on demand of the payee, und ...

Real defense

A real defense is a justification for a maker or drawer not to honor a negotiable instrument even if it has been transferred to a holder in due course because it makes the instrument" void” according to Uniform Commercial Code §3-305 comment 1, t ...

Substitute check

A substitute check or cheque, also called an image cash letter, clearing replacement document, or image replacement document, is a negotiable instrument used in electronic banking systems to represent a physical paper cheque. It may be wholly dig ...

Substitute checks in the United States

A substitute check is a negotiable instrument used to represent the digital reproduction of an original paper check. In the United States, as a negotiable payment instrument, a substitute check maintains the status of a "legal check" in lieu of t ...

Swift v. Tyson

Swift v. Tyson, 41 U.S. 1, was a case brought in diversity in the Circuit Court for the Southern District of New York on a bill of exchange accepted in New York in which the Supreme Court of the United States determined that United States federal ...

2008 Swiss referendums

Ten referendums were held in Switzerland during 2008. The first two were held on 24 February on business tax reform and aircraft noise. A further three were held on 1 June on public information campaigns, naturalisation and health reform. The fin ...

American Society of Tax Problem Solvers

The American Society of Tax Problem Solvers is a non-profit organization located in Williamsville, New York with a membership of tax professionals in the United States. The organization offers training and accreditation to tax and legal professio ...

Australian corporate tax rate

The Australian company tax rate has varied over time. It has been a flat rate and reached its peak of 49%. Before 1987, Australia had the classical dividend taxation system, whereby a companys profit would be taxed at the company tax rate and a s ...

Bottom of the harbour tax avoidance

Bottom of the harbour tax avoidance was a form of tax avoidance used in Australia in the 1970s. Legislation made it a criminal offence in 1980. The practice came to symbolise the worst of variously contrived tax strategies from those times. In it ...

Canada small business tax rate

In Canada, the small business tax rate is the tax rate paid by a small business. As of 2019, the small business tax rate is 9%. The general corporate tax rate is 28%.

Tax consolidation

Tax consolidation, or combined reporting, is a regime adopted in the tax or revenue legislation of a number of countries which treats a group of wholly owned or majority-owned companies and other entities as a single entity for tax purposes. This ...

ContractorUK

STD Contractors, styled as sTd contractors, is a news and community website for independent contractors in the UK. It has been online since 1999, since the early days of IR35 and the initial inflation of the dot-com bubble.

Deferral

A deferral, in accrual accounting, is any account where the asset or liability is not realized until a future date, e.g. annuities, charges, taxes, income, etc. The deferred item may be carried, dependent on type of deferral, as either an asset o ...

Deferred tax

Deferred tax is a notional asset or liability to reflect corporate income taxation on a basis that is the same or more similar to recognition of profits than the taxation treatment. Deferred tax liabilities can arise as a result of corporate taxa ...

Depletion (accounting)

Depletion is an accounting and tax concept used most often in mining, timber, petroleum, or other similar industries. Depletion is similar to depreciation in that it is a cost recovery system for accounting and tax reporting. "The depletion deduc ...

Disposal tax effect

The situation of additional taxes or tax savings resulting from selling the last item of its class in an inventory due to difference between its undepreciated capital cost and its salvage value.

Australian dividend imputation system

The Australian dividend imputation system is a corporate tax system in which some or all of the tax paid by a company may be attributed, or imputed, to the shareholders by way of a tax credit to reduce the income tax payable on a distribution. In ...

Dividend imputation

Dividend imputation is a corporate tax system in which some or all of the tax paid by a company may be attributed, or imputed, to the shareholders by way of a tax credit to reduce the income tax payable on a distribution. In comparison to the cla ...

Flow-through entity

A flow-through entity is a legal entity where income "flows through" to investors or owners; that is, the income of the entity is treated as the income of the investors or owners. Flow-through entities are also known as pass-through entities or f ...

Formulary apportionment

Formulary apportionment, also known as unitary taxation, is a method of allocating profit earned by a corporation or corporate group to a particular tax jurisdiction in which the corporation or group has a taxable presence. It is an alternative t ...

Corporation tax in France

Corporate tax in France deals with the tax payable in France on the profits earned by companies. In general, any company is subject to 33.3% corporate tax on its worldwide profits. However, certain items of income are exempt from tax and certain ...

IR35

IR35 refers to the United Kingdoms anti-avoidance tax legislation designed to tax disguised employment at a rate similar to employment. In this context, "disguised employees" means workers who receive payments from a client via an intermediary, f ...

Corporation tax in the Republic of Ireland

Irelands Corporate Tax System is a central component of Irelands economy. In 2016–17, foreign firms paid 80% of Irish corporate tax, employed 25% of the Irish labour force, and created 57% of Irish OECD non-farm value-add. U.S.–controlled firms r ...

Matheson (law firm)

Matheson, is an Irish law firm partnership based in the IFSC in Dublin, which specialises in U.S. multinational tax schemes, and tax structuring of special purpose vehicles. Matheson is estimated to be Irelands 4th–largest corporate law firm, and ...

Micro enterprise tax in Latvia

Micro enterprise tax in Latvia - it is special tax regime. The law, regulating the tax, entered into force on 1-st, September, 2010 and name of the law is The law on micro enterprises tax.

Net (economics)

A net value is the resultant amount after accounting for the sum or difference of two or more variables. In economics, it is frequently used to imply the remaining value after accounting for a specific, commonly understood deduction. In these cas ...

Corporate tax in the Netherlands

Corporate tax in the Netherlands deals with the tax payable in the Netherlands on the profits earned by companies. In general, a Dutch company is subject to between 19 and 25% corporate tax on its worldwide profits. However, certain items of inco ...

Participation exemption

Participation exemption is a general term relating to an exemption from taxation for a shareholder in a company on dividends received, and potential capital gains arising on the sale of shares.

Patent box

A patent box is a special very low corporate tax regime used by several countries to incentivise research and development by taxing patent revenues differently from other commercial revenues. It is also known as intellectual property box regime, ...

Permanent establishment

A permanent establishment is a fixed place of business which generally gives rise to income or value-added tax liability in a particular jurisdiction. The term is defined in many income tax treaties and in most European Union Value Added Tax syst ...

Stiftung

A stiftung is an institution/foundation which, with the aid of a property, pursues a purpose determined by the founder. A stiftung foundation exists to give effect to the stated, non-commercial wishes of its founder, as set out in a foundation de ...