Residual land value meaning

The residual liability provisions Acting as the safety net within the benefits code, the residual liability provisions supply a way to assess the value of a benefit given to an employee where neither the money’s worth principle nor any particular computational rule applies. The benefits code is set out in Part 3, Chapters 2–11 of the Income Tax (Earnings and Pensions) Act 2003 (ITEPA 2003), with the residual liability provisions themselves found in Chapter 10. For an outline of the charge to income tax on benefits arising from employment in general, see Practice Note: How employment income is taxed—non-cash earnings or benefits. The scope of benefits taxable under the residual liability provisions is very broad, covering 'a benefit or facility of any kind' provided it constitutes an employment-related benefit in practice...

Parties On [date], [Seller details] (Seller) and [Buyer details] (Buyer) enter this Option Agreement. Definitions Deposit: £[...]; Option Fee: £[...] plus any VAT; Interest: [4]% above [bank] base rate. Option: Buyer may require transfer on paying the Price within the Option Period ending [time/date]. Legislation, VAT and Working Day as defined; Property, Price and solicitors as specified. Grant of Option For the non-refundable Option Fee (separate from the Price unless stated), the Seller grants the Option; it lapses if not exercised in time; any necessary mortgagee consent is/will be in place. Exercising the Option The Buyer may serve an Option Notice within the Option Period for the whole Property [and must pay any Deposit as required]. On valid exercise, the sale contract in the Schedule immediately arises. Notices, Costs and VAT Notices are by hand or pre-paid post to stated addresses; VAT is additional; costs are as provided; overdue sums bear Interest. Termination and...