Lingo

ESTATE — Broadly, all that a person owns, whether or not real property or private property, for instance, the estate one leaves at demise. EQUAL TREATMENT– General precept of taxation that requires that taxpayers pay an equal amount of tax if their circumstances are equal. DUTY-FREE ZONE — Zone normally positioned subsequent to an international port or airport the place imported goods could additionally be unloaded, saved and reshipped without payment of customs duties or other types of oblique taxes, offered the products aren’t imported. DUAL RESIDENCE — Person or firm resident in two or extra countries underneath the legislation of these international locations, as a outcome of the two countries undertake totally different definitions of residence.

The time limit when you will have paid again all of your money owed, or when revenues precisely match expenses. The process by which an individual or business takes advantage of the difference in price of a share or a forex. It is calculated by adding each interest fee to the original deposit, then figuring out the subsequent interest fee, compounding the curiosity.

PORTFOLIO INVESTMENT — A portfolio funding in an organization would be a holding of shares amounting to a small portion of the total shares of the company, e.g. less than 10%. Portfolio buyers might obtain completely different tax reduction or different remedy in respect of their dividends under tax treaties from those accorded to other direct buyers. PENALTIES — Administrative penalties are imposed for tax offences, corresponding to failure to make a timely return or payment, negligence, and making a false return or statement. They take the form of additions to the tax and are assessed as part of the tax. Criminal penalties, however, are enforceable only by prosecution.

A contingency, of fortuitous happening, which can be covered or excluded by a coverage of insurance. A broker approved by the Council of Lloyd’s and thereby entitled to enter the underwriting room at Lloyd’s and place business direct with underwriters. Lloyd’s brokers should meet the Council of Lloyd’s stringent necessities as to integrity and monetary stability. They need to file annually with the Council of Lloyd’s a special accountant’s report concerning their monetary place.

Reducing the funds to creditors in proportion, if there is not sufficient cash to pay them in full; or reducing the bequests in a will, in proportion, when there’s not sufficient money to pay them in full. This fee must not be handled as a precedent for future comparable claims. Term additionally utilized by an underwriter when paying a declare which he feels could not attach neverwinter where to buy identification scrolls to the coverage. Where there’s a dispute or negotiations for a settlement and terms are provided ‘without prejudice’ an offer so made or a letter so marked and subsequent correspondence can’t be admitted in evidence without the consent of each events involved. A recovery of all or part of the value of an insured item on which a claim has been paid.