Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Liabilities definition

What does Liabilities mean? In practice, a scheme’s liabilities are what it owes: the future benefit payments (for example, pensions and lump sums) and the scheme’s expenses. They are usually measured as the present value of expected cashflows, determined by an actuary using assumptions on discount rate, longevity, inflation and expenses. Comparing liabilities with the market value of assets gives the funding level: a deficit arises where liabilities exceed assets; a surplus where assets exceed liabilities. “Liabilities” is a descriptive term used across legal, actuarial and accounting contexts rather than a single statutory definition. However, valuation bases are prescribed for particular purposes. In...

Deferred and Contingent Consideration in UK Asset Sales: CGT (ascertainable/unascertainable), earn-outs, instalments, VAT/TOGC, SDLT/LBTT/LTT

Published by a LexisNexis Tax expert

Practice notes

Asset sale

In an asset sale, the purchaser chooses and acquires from the vendor only the assets and liabilities it intends to take on. At times, an asset sale involves disposing of a whole business (that is, all assets comprising, and used within, that undertaking) or a segment of a business, and at other times it is the transfer of a single asset or a bundle of assets...

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Emma Perez

Squire Patton Boggs

Emma Perez's practice includes advising on a wide range of taxation issues relating to private mergers and acquisitions, company reorganisations and private equity transactions. In addition, Emma regularly advises on employment tax and employee benefits, and the drafting and implementation of a variety of equity-based employee incentive arrangements. Representative experience: Acting for UK companies and private equity funds on the tax aspects of corporate acquisitions and disposals, as well as the tax efficient structuring of such transactions. Providing pre-sale tax planning for vendors of private companies. Acting for companies on the implementation and operation of employee share incentive schemes. Advising on the tax-efficient restructuring of corporate groups....

Web page updated on 21/05/2026

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