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Legal Terms - charge:
1. A formal criminal accusation, typically made following *interrogation at the police station. The *Crown Prosecution Service will typically decide whether to charge a suspect. 2. Juror instructions from a judge. When a trial is started, the defendant is also said to be placed under the charge of the jury.
3. A fair or lawful
interest in real estate, guaranteeing the money transfer. It grants priority over claims made by unsecured creditors against the debtor to the creditor in whose favor the charge is formed (the chargee), who is entitled to payment from the income or proceeds of the sale of the land charged. The only legitimate legal charges allowed by the Law of Property Act 1925 are: (1) a rent charge that is payable immediately, for a set amount of time, or indefinitely; (2) a charge made through a legal mortgage; and (3) specific charges arising under statute (such as those under the Charging Orders Act 1979). The remaining ones are considered equitable interests. Legal mortgages and *equitable charges over unregistered land must be registered as land charges unless the mortgagee or chargee holds the title deeds as security. All mortgages and charges over registered land must be registered in order to be enforceable against purchases of the land ). 4. A claim made on corporate assets by a creditor (such as the holder of a *debenture) to protect the debt. In compliance with chapter A1 of part 25 of the Companies Act 2006, charges have to be registered at Companies House. As of April 13, 2013, Chapter A1 allows for the electronic submission of charges and presents an exemption-based approach. When a fixed charge is in place, it restricts the company's ability to deal with certain assets (such real estate, equipment, and machinery) without the lender's permission. A floating charge "floats" over all of the company's assets until *crystallization, at which point it does not instantly connect to any one asset. This kind of charge is appropriate for current assets (such as cash and stock in trade), whose prices must inevitably vary. Up to this point, the corporation is free to deal with these assets as it sees fit (Re Yorkshire Woolcombers Association Ltd [1903] 2 Ch 284). The creditor may seize the outstanding money in line with the conditions of the charge in the event that the company fails to make payments on the debt. In the event that the business enters liquidation,fixed-charge creditors will be paid before floating-charge creditors in accordance with the Insolvency Act of 1986. Upon sharing, a charge may also be generated. For instance, the company's articles of association typically grant it a *lien for unpaid *calls. Additionally, members of the company may charge their shares to satisfy a debt owed to a third party by depositing the *share certificate or by fully transferring the shares with an agreement to retransfer them upon repayment of the debt.
chargeable profit The portion of the gain that is liable to *capital gains tax (or corporation tax in the case of a company) upon the *disposal of a chargeable asset. The Taxation of Chargeable Gains Act of 1992's adjustments are applied before deducting the purchase cost from the selling profits to determine the chargeable gain.
1. A formal criminal accusation, typically made following *interrogation at the police station. The *Crown Prosecution Service will typically decide whether to charge a suspect. 2. Juror instructions from a judge. When a trial is started, the defendant is also said to be placed under the charge of the jury.
3. A fair or lawful
interest in real estate, guaranteeing the money transfer. It grants priority over claims made by unsecured creditors against the debtor to the creditor in whose favor the charge is formed (the chargee), who is entitled to payment from the income or proceeds of the sale of the land charged. The only legitimate legal charges allowed by the Law of Property Act 1925 are: (1) a rent charge that is payable immediately, for a set amount of time, or indefinitely; (2) a charge made through a legal mortgage; and (3) specific charges arising under statute (such as those under the Charging Orders Act 1979). The remaining ones are considered equitable interests. Legal mortgages and *equitable charges over unregistered land must be registered as land charges unless the mortgagee or chargee holds the title deeds as security. All mortgages and charges over registered land must be registered in order to be enforceable against purchases of the land ). 4. A claim made on corporate assets by a creditor (such as the holder of a *debenture) to protect the debt. In compliance with chapter A1 of part 25 of the Companies Act 2006, charges have to be registered at Companies House. As of April 13, 2013, Chapter A1 allows for the electronic submission of charges and presents an exemption-based approach. When a fixed charge is in place, it restricts the company's ability to deal with certain assets (such real estate, equipment, and machinery) without the lender's permission. A floating charge "floats" over all of the company's assets until *crystallization, at which point it does not instantly connect to any one asset. This kind of charge is appropriate for current assets (such as cash and stock in trade), whose prices must inevitably vary. Up to this point, the corporation is free to deal with these assets as it sees fit (Re Yorkshire Woolcombers Association Ltd [1903] 2 Ch 284). The creditor may seize the outstanding money in line with the conditions of the charge in the event that the company fails to make payments on the debt. In the event that the business enters liquidation,fixed-charge creditors will be paid before floating-charge creditors in accordance with the Insolvency Act of 1986. Upon sharing, a charge may also be generated. For instance, the company's articles of association typically grant it a *lien for unpaid *calls. Additionally, members of the company may charge their shares to satisfy a debt owed to a third party by depositing the *share certificate or by fully transferring the shares with an agreement to retransfer them upon repayment of the debt.
chargeable profit The portion of the gain that is liable to *capital gains tax (or corporation tax in the case of a company) upon the *disposal of a chargeable asset. The Taxation of Chargeable Gains Act of 1992's adjustments are applied before deducting the purchase cost from the selling profits to determine the chargeable gain.
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