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 ?
That is wrong, and Congress needs to step up and close this corporate tax loophole immediately.
The banking group said industrial charters are a loophole in the banking law that Congress should end.
Rona Caritos, acting executive director of Legal Network for Truthful Elections, said candidates who are taking advantage of the loopholes in the law on premature campaigning should not be given the chance to win.
The Barnsley MP tried to introduce a new workers' rights bill to close the loophole but it ran out of time after Tory Philip Davies tabled 21 amendments.
General secretary Frances O'Grady said: "The Government must scrap this loophole now - it's an undercutters' charter."
The loophole allows finance industry titans to avoid paying (https://www.cbo.gov/budget-options/2016/52258) roughly $2 billion of taxes a year, according to the Congressional Budget Office.
Trump's one-page tax reform outline was "full" of tax breaks for the wealthiest Americans but it did not include any reference to closing the carried interest loophole, they said.
Now the Bradys and the groups associated with former New York Mayor Mike Bloomberg, are calling this deadline a loophole.
But the bills were marred by the inclusion of Huffman's spousal loophole amendment.
A year after the reforms came into force it emerged that a "loophole" in legislation meant that people who had lived in the same house since January 1, 1996 and received continuous housing benefit should not have had their payments cut.
MOTORING lawyer Nick Freeman, also known as Mr Loophole, has made headlines for years because of his ability to win motoring offence cases for famous clients.
When Margaret Thatcher was in power she made a nice loophole for wealthy companies to pay very little tax.