Glossary of terms
This glossary of terms has been composed by FIRST STRATA to provide you with an easily accessible and comprehensive description of the many terms frequently used in all aspects of land sales.
We trust you will find it both useful and informative.
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See VALUATION TABLE.
A failure to reject an offer which has legal consequences, eg acceptance of rent following a breach of covenant in a lease may constitute a waiver of the landlord's right to claim damages or to forfeit the lease for breach of covenant.
A retail property for the preparation of meals which the customer purchases for consumption off the premises.
An arrangement whereby repayment of an existing or continuing loan, eg short-term building finance, is secured by a legal obligation to redeem the debt from cash provided by a lender (of long-term finance) or a purchaser, either of whom has contractually agreed to make the funds available at the required future date.
A popularly-used shortened name for the Panel on Take-overs and Mergers.
criterion rate selected in a particular instance to reflect the opportunity cost of money; often based on the equivalent yield of long-dated or undated government stock with a percentage addition or a discount to reflect the nature and characteristics of the project.
The redemption yield which is considered to be an appropriate objective for a specific project.
For value added tax purposes, defined by the Value Added Tax Act 1983 as a person who makes taxable supplies above a certain exemption limit and is registered or required to be registered thereunder.
For value added tax purposes, supply of goods or services in the UK other than an exempt supply.
Defined by section 831(2) of the Income and Corporation Taxes Act 1988 as that Act plus "all other provisions of the Income Tax Acts and the Corporation Tax Acts". Cf TAXES ACT; TAXES ACTS.
Where there are disputed costs of an action in a court, tribunal or public inquiry, the calculation by the relevant official (eg a taxing master in the Supreme Court or the Registrar of the Lands Tribunal) of charges recoverable by one of the parties from another.
In property terms, a valuation table containing figures which have taken taxation into account, eg in dual rate years' purchase tables where large allocations of annual income are needed to ensure that after taxation a sufficient sum is available for sinking fund purposes.
The arrangement of one's affairs within the law so as to make full use of exemptions, reliefs and other advantages to minimise taxation.
The Income and Corporation Taxes Act 1988. Cf TAX ACTS; TAXES ACTS.
Defined by section 118(1) of the Taxes Management Act 1970 as that Act, plus the Tax Acts, the Capital Gains Tax Act 1979 and all other enactments relating to CGT (and DLT). Cf TAX ACTS; TAXES ACT.
A criminal offence, being an effort to reduce or escape taxation which is lawfully due; usually by the production of false information or the deliberate failure to disclose relevant information.
See RELIEF 2
See FISCAL YEAR.
In land surveying, an instrument for measuring long distances, eg up to 100km, by sending and timing radio waves from a transmitter to a remote device.
In a survey of a site, a reference point having a relative height above a selected datum, which in turn is related to a permanent benchmark.
