Loophole


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Loophole

A technicality in some legislation or regulation that makes it possible to avoid certain consequences or circumvent a rule without breaking the law, such as in the use of a tax shelter.

Loophole

A deliberate or accidental provision in a law that allows an individual or corporation to which it would otherwise apply to be exempt from it. Most loopholes are deliberate and are placed there to ensure that the law is not draconian, to please a lobbyist, or for some other reason. For example, a country may pass a law requiring most companies to register with the government. However, it may contain a loophole allowing the exemption of companies that find registration too difficult or expensive. Occasionally, the government may close a loophole, which means that it takes away the exemption.
References in periodicals archive ?
The three security loopholes, including the CreateTextRange bug which allows malicious hackers to take control of a PC if it visits certain webpages, were recently discovered by security companies.
Holly Petraeus, the Assistant Director for Service Member Affairs at the Consumer Financial Protection Bureau, described this loophole as causing for-profit colleges to see service members as nothing more than dollar signs in uniform.
The Metabolic Loophole Diet was originally written in 2013 and published in 2014.
Group director David Babbs called the legal loophole "Government-sponsored tax avoidance on a breathtaking scale".
But Mr Loophole said the ex-England captain should be let off because the prosecution documents were sent out 16 days after the alleged offence - and the law says the paperwork should be given to the defendant within two weeks.
It's not fair to exploit people on much lower pay rates and this loophole should be closed.
Mr Lucas said: "The Government have taken action against one VAT loophole to halt this practice.
Speaking in his column for the Manchester Evening News, Mr Freeman said: "Mr Loophole the lawyer was in conflict with Mr Loophole the dad.
Unfortunately, the fuss is mostly political, but let's look at some of the facts and background around the dosing of the LLC loophole
Obama said the loophole "let subsidiaries of some of our largest companies tell the IRS that they are paying taxes abroad, tell foreign governments that they are paying taxes elsewhere, and avoid paying taxes anywhere.
The Senate closed a third loophole by requiring online hotel booking companies to pay the full sales tax on the rates they charge consumers rather than the lower rate hotels bill the companies.
Mr Freeman said: "The media coined the term for me and while some might not know the name Nick Freeman, they usually have heard the name Mr Loophole.