Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Money definition

What does Money mean? In legal practice, money refers to the generally accepted means of payment used to discharge monetary obligations, pay for goods and services, and satisfy judgments. It ordinarily includes cash (banknotes and coins, typically sterling in the UK and euro in Ireland) and sums standing to the credit of a bank account transferable by cheque or electronic transfer; it can also include foreign currency if agreed. The term is descriptive rather than strictly defined, though related concepts are defined in legislation. 'Legal tender' identifies what must be accepted in settlement of a debt: in England and Wales, Bank of England notes...

Independent and equitable set-off in civil proceedings: pleading under CPR 16.6, counterclaims, limitation and related issues (England and Wales)

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Practice notes

Types of set-off

As explained in the Practice Notes, What is set-off and when is it available? and Types of set-off, there are several recognised categories of set-off that arise in different ways. Save for independent (legal) set-off (see Practice Note: Independent set-off and transaction set-off), a set-off can be asserted and implemented without issuing proceedings — for example, Y may retain sums it accepts it owes to X on the footing that Y is setting off amounts X owes Y. By comparison, independent set-off must be initiated through court proceedings and, in effect, takes effect upon judgment. In practical terms, once a claim reaches court, both independent and equitable set-off (frequently referred to as transaction set-off) are commonly pleaded within the Defence...

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Web page updated on 21/05/2026

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