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 loophole allows finance industry titans to avoid paying (https://www.
President Trump has repeatedly promised to close the loophole, saying, We will eliminate the carried interest deduction and other special interest loopholes that have been so good for Wall Street investors, and for people like me, but unfair to American workers.
said in introducing their bill that Trump promised on the campaign trail to close the loophole, but his tax plan doesn't reflect that.
The loophole is literally big enough to drive a car through, as the Chattanooga murderer demonstrated.
Chris Turner, D-Grand Prairie, won passage of a bill that will close a loophole that allowed longtime elected officials to double-dip their salary and pension.
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.
Richard Samuels, chair-elect of New Hampshire's Business and Industry Association and an attorney at the McLane taw Firm, wrote a piece about closing the LLC loophole that is posted on the firm's Web site:
This reform alone will close a loophole that currently allows some corporations to avoid paying an estimated $170 million in state taxes.
Securities Law--First Circuit Limits Scope of "Safe Harbor" Disclosure Loophole Under Misappropriation Theory of Insider Trading--SEC v.