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Legal Terms - business asset
Business Asset Disposal Relief, previously known as entrepreneurs' relief before 2020, considers the following as business assets:
• the entirety or a portion of a business (including its *reputation and customer base);
A minimum ownership of 5% in shares and securities of a trading company, whether it is listed or unlisted.
An asset that is owned by the taxpayer and used for the purpose of conducting trade, either individually, in partnership, or through a personal corporation where the taxpayer is employed.
If the requirements for the relief are met, particularly the condition that the asset has been held for a minimum of two years, the taxpayer will be subject to a capital gains tax rate of 10% for the initial £1 million in gains.
Business Asset Disposal Relief, previously known as entrepreneurs' relief before 2020, considers the following as business assets:
• the entirety or a portion of a business (including its *reputation and customer base);
A minimum ownership of 5% in shares and securities of a trading company, whether it is listed or unlisted.
An asset that is owned by the taxpayer and used for the purpose of conducting trade, either individually, in partnership, or through a personal corporation where the taxpayer is employed.
If the requirements for the relief are met, particularly the condition that the asset has been held for a minimum of two years, the taxpayer will be subject to a capital gains tax rate of 10% for the initial £1 million in gains.
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Legal Terms - business efficacy test
Judicial implication is a technique occasionally employed by the court to infer provisions in a contractual agreement.The test is whether the term is necessary for business efficacy, that is, whether the contract requires the term to make (commercial) sense (The Moorcock [1889] 14 PD 64). If a contract is effective without a term, that term should not be assumed or inferred (Marks and Spencer plc v BNP Paribas Securities Services Trust Company (Jersey) Limited and others [2015] UKSC 72).
Judicial implication is a technique occasionally employed by the court to infer provisions in a contractual agreement.The test is whether the term is necessary for business efficacy, that is, whether the contract requires the term to make (commercial) sense (The Moorcock [1889] 14 PD 64). If a contract is effective without a term, that term should not be assumed or inferred (Marks and Spencer plc v BNP Paribas Securities Services Trust Company (Jersey) Limited and others [2015] UKSC 72).
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Legal Terms - business liability
Liability, whether contractual or tortious, arises from a breach of responsibilities or duties that occur during the course of a business. This includes the operations of government departments, local authorities, public authorities, and the occupation of commercial premises. The Unfair Contract provisions Act 1977 applies to commercial contracts, while the Consumer Rights Act 2015 applies to consumer contracts. These acts impose restrictions on the capacity of individuals to rely on contractual provisions that aim to exclude or reduce their obligation in business transacti
Liability, whether contractual or tortious, arises from a breach of responsibilities or duties that occur during the course of a business. This includes the operations of government departments, local authorities, public authorities, and the occupation of commercial premises. The Unfair Contract provisions Act 1977 applies to commercial contracts, while the Consumer Rights Act 2015 applies to consumer contracts. These acts impose restrictions on the capacity of individuals to rely on contractual provisions that aim to exclude or reduce their obligation in business transacti
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Legal Terms - business name
The term used to refer to the name that a solo trader, partnership, limited liability partnership, or company uses to conduct their commercial activities. The selection of a business name is limited by sections 1192–99 of the Companies Act 2006, which means that it is not permissible to use a name that is misleading, among other restrictions. For individuals or ordinary partnerships, it is required under the Companies Act 2006 sections 1200-06 that the names and addresses of the individuals involved must be revealed in company papers (such as receipts) and displayed at the business premises. Sections 82-85 of the Companies Act and the Companies (Trading Disclosures) Regulations 2008 outline the disclosure requirements for both companies and limited liability partnerships. Violation of the legislation may result in a monetary penalty.
and a lack of capacity to ensure compliance with contractual agreements. The utilization of a business name is also constrained by the legal wrong of *passing off.
The term used to refer to the name that a solo trader, partnership, limited liability partnership, or company uses to conduct their commercial activities. The selection of a business name is limited by sections 1192–99 of the Companies Act 2006, which means that it is not permissible to use a name that is misleading, among other restrictions. For individuals or ordinary partnerships, it is required under the Companies Act 2006 sections 1200-06 that the names and addresses of the individuals involved must be revealed in company papers (such as receipts) and displayed at the business premises. Sections 82-85 of the Companies Act and the Companies (Trading Disclosures) Regulations 2008 outline the disclosure requirements for both companies and limited liability partnerships. Violation of the legislation may result in a monetary penalty.
and a lack of capacity to ensure compliance with contractual agreements. The utilization of a business name is also constrained by the legal wrong of *passing off.
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Legal Terms -British protected person
British protected person An individual who is classified as such by an order under the British Nationality Act 1981 or the Solomon Islands Act 1978 due to their affiliation with erstwhile protectorates, protected states, and trust territories. A British protected person may be eligible for registration as a British citizen as a result of their residence in the United Kingdom. An individual who is classified as such by an order under the British Nationality Act 1981 or the Solomon Islands Act 1978 due to their affiliation with erstwhile protectorates, protected states, and trust territories. A British protected person may be eligible for registration as a British citizen as a result of their residence in the United Kingdom.
British protected person An individual who is classified as such by an order under the British Nationality Act 1981 or the Solomon Islands Act 1978 due to their affiliation with erstwhile protectorates, protected states, and trust territories. A British protected person may be eligible for registration as a British citizen as a result of their residence in the United Kingdom. An individual who is classified as such by an order under the British Nationality Act 1981 or the Solomon Islands Act 1978 due to their affiliation with erstwhile protectorates, protected states, and trust territories. A British protected person may be eligible for registration as a British citizen as a result of their residence in the United Kingdom.
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Legal Terms -British subject
A secondary status that was common to all who were predominantly citizens of the UK and Colonies or of one of the independent Commonwealth countries was established under the British Nationality Act 1948. A small number of individuals who did not possess any primary citizenship, such as former British subjects who were also citizens of Eire (as it was at the time) or who could have obtained one of the primary citizenships but did not do so, also shared this status.
The term "British subject" was restricted to individuals who had previously enjoyed it under the 1948 Act and did not possess one of the primary citizenships under the British Nationality Act 1981, which replaced it on 1 January 1983. The term "Commonwealth citizen" was redefined as a secondary status with a more universal application. The Act stipulated that minors were eligible to petition for registration as British subjects, and British subjects were entitled to registration as British citizens as a result of their residence in the United Kingdom.
A secondary status that was common to all who were predominantly citizens of the UK and Colonies or of one of the independent Commonwealth countries was established under the British Nationality Act 1948. A small number of individuals who did not possess any primary citizenship, such as former British subjects who were also citizens of Eire (as it was at the time) or who could have obtained one of the primary citizenships but did not do so, also shared this status.
The term "British subject" was restricted to individuals who had previously enjoyed it under the 1948 Act and did not possess one of the primary citizenships under the British Nationality Act 1981, which replaced it on 1 January 1983. The term "Commonwealth citizen" was redefined as a secondary status with a more universal application. The Act stipulated that minors were eligible to petition for registration as British subjects, and British subjects were entitled to registration as British citizens as a result of their residence in the United Kingdom.
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Legal Terms - Broadmoor
A psychiatric facility located in Crowthorne, Berkshire, near Camberley, that offers high-security services. It is responsible for the care of patients who are hazardous and violent, who were previously referred to as criminal lunatics.
A psychiatric facility located in Crowthorne, Berkshire, near Camberley, that offers high-security services. It is responsible for the care of patients who are hazardous and violent, who were previously referred to as criminal lunatics.
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Legal Terms - brothel
A brothel is a location where men or women can engage in prostitution. A contract for the hiring or leasing of a brothel is null and unlawful due to its violation of public policy. Additionally, landlords are prohibited from renting out property knowing that it will be used as a brothel under sections 33–36 of the Sexual Offences Act 1956 (Kelly v. Purvis [1983] AC 663 (QB)). Additionally, it is illegal for someone to run or assist in a brothel, as well as for a tenant or other property owner to allow a brothel to be operated on their property. For the purposes of the Sexual Offences Act 1967, Section 6, a location is considered a brothel.
Under the Act of 1956's sections 33–35 if individuals use it for lewd homosexual activities in situations where using it for lewd heterosexual activities would have resulted in it being classified as a brothel for the purposes of those provisions.
A brothel is a location where men or women can engage in prostitution. A contract for the hiring or leasing of a brothel is null and unlawful due to its violation of public policy. Additionally, landlords are prohibited from renting out property knowing that it will be used as a brothel under sections 33–36 of the Sexual Offences Act 1956 (Kelly v. Purvis [1983] AC 663 (QB)). Additionally, it is illegal for someone to run or assist in a brothel, as well as for a tenant or other property owner to allow a brothel to be operated on their property. For the purposes of the Sexual Offences Act 1967, Section 6, a location is considered a brothel.
Under the Act of 1956's sections 33–35 if individuals use it for lewd homosexual activities in situations where using it for lewd heterosexual activities would have resulted in it being classified as a brothel for the purposes of those provisions.
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Legal Terms - Brussels Convention
a 1968 international agreement that establishes which courts will have jurisdiction over issues involving other countries. In general, contracts that specify that any disputes will be heard by the courts of a certain nation will be honored. In cases where the parties have not selected a forum for their disputes, the Convention further specifies guidelines. The Convention is individually ratified by numerous EU states; the UK ratified it in 1978 and made it a national law in 1982.
a 1968 international agreement that establishes which courts will have jurisdiction over issues involving other countries. In general, contracts that specify that any disputes will be heard by the courts of a certain nation will be honored. In cases where the parties have not selected a forum for their disputes, the Convention further specifies guidelines. The Convention is individually ratified by numerous EU states; the UK ratified it in 1978 and made it a national law in 1982.
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Legal Terms - Brütüm Fulmen
brutum fulmen [Latin: senseless thunderbolt] An empty threat; any judgment or decree that is unenforceable or void.
brutum fulmen [Latin: senseless thunderbolt] An empty threat; any judgment or decree that is unenforceable or void.
