Published On:Friday 13 January 2012
Posted by Muhammad Atif Saeed
Law Dictionary Word Under T
Tangible asset an asset which can be physically touched.
Tangible property property that physically exists.
TAURUS a computer system intended to replace paper stock transfer forms and share certificates.
Tax money raised by the Government to pay for the services it provides. Some taxes are called indirect because they are part of the price we pay for goods and services, such as VAT. Other tax is called direct because the individual taxpayer pays it. Income tax and corporation tax are examples of direct taxes.
Taxable supply a term for supplying goods and services on which value added tax can be charged. This applies even if the tax rate is 0% at present, because it can be increased if the Government chooses to.
Taxation the levying of taxes.
Taxation of costs the scrutiny of and, if necessary, the lowering of a solicitor's bill to a client. The scrutiny is done by a court officer.
Tax avoidance reducing tax bills by using legal means.
Tax evasion breaking the law to reduce tax bills, such as by concealing income.
Tax point the date when value added tax arises on goods or services supplied (or made available) to a customer. The tax point should be displayed on invoices. It is not necessarily the same as the date of the invoice.
Teeming and lading a term used to describe attempts to hide the loss of cash received from one customer by using cash from other customers to replace it. This fraud can carry on by using cash from other customers in the same way.
Tenant a person or organisation granted a lease.
Tender supplying a price for a job. If an organisation asks firms to send in tenders for supplying something, they are asking for firm written offers to do the work to an agreed standard and at a stated price.
Tenure how a piece of land is held by the owner (for instance freehold or leasehold).
Term any of the clauses which form part of a contract.
Terra land. (This word is Latin.)
Terrorism using violence for political purposes.
Testament a will dealing with personal property.
Testamentum another name for a will.
Testator a person who makes a will.
Testify to give evidence.
Testimony the evidence a witness gives in court.
Theft taking someone else's property dishonestly, with the intention of never returning it.
Threatening behaviour using threats, abuse or insults against another person.
Timeshare an arrangement where people can buy a share in part of a property for a period of time in each year. They can use their part of the accommodation each year for the period that is theirs.
Title the right to own something.
Title deeds the documents which prove who owns a property and under what terms.
Toll a payment in return for being allowed to travel over a road, bridge and so on.
Tort doing something which harms someone else. It may result in a claim for damages. (This word is Old French.)
Tortfeasor someone who commits a tort.
Trademark a mark which is registered at trademark registries and which is used on products produced by the owner. It is illegal for anyone else to display the mark.
Transcript the official record of a court case.
Transferable securities securities, such as debentures, which can have their ownership changed.
Transferee the person something is transferred to.
Transferor the person who transfers something to someone else.
Treason the crime of betraying your country such as helping your country's enemies in wartime.
Treasure trove treasure found in a hiding place and whose owner cannot be traced. It belongs to the Crown but the finder and the landowner may get a reward.
Treasury the government department which administers (manages) the country's finances.
Treasury bill an unconditional promise by the Treasury to repay money it has borrowed for the short term (up to one year), to pay for government spending.
Treasury Solicitor the person who gives legal advice to the Treasury.
Trespassing going on land without the owner's permission.
Trial an examination of the evidence in a case and the law which applies.
Tribunal is:
_ a body set up to act like a court, but outside the normal court system;
_ a forum to hear disputes and with the authority to settle them;
_ a body given power by statute to discipline members of a profession who do not keep to
the high standards of behaviour demanded of members of the profession; or
_ a body set up by the members of an association to police the members' actions.
Trust a financial arrangement under which property is held by named people for someone else.
Trust corporation a company which acts as a trustee and holds a trust's assets.
Trust deed a legal document which is used to:
_ create a trust;
_ change a trust; or
_ control a trust.
Trustee a person who holds property and looks after it on behalf of someone else.
Trustee in bankruptcy a person who administers (manages) a bankrupt person's estate and pays any available money to the creditors.
