A security backed by the revenue from mortgages.

An accrual method of accounting records income and expenses when they are earned or incurred, not when cash is actually received or paid. In legal practice it underpins financial statements used in company law, commercial contracts, insolvency, tax, banking, and litigation involving loss or valuation.Across the UK and Ireland, accruals accounting is required for most companies under company law and accounting standards (for example, UK-adopted IFRS or FRS 102 in the UK, and corresponding standards in Ireland), and is the default basis for statutory accounts filed with Companies House or the Companies Registration Office.In tax law, the concept is reflected in provisions requiring trading profits to be calculated on an “earnings basis” or in accordance with “generally accepted accounting practice” (GAAP), subject to specific tax adjustments. The term itself is not generally exhaustively defined in primary legislation, but is embedded through references to GAAP and accounting standards and is explained in HMRC and Irish Revenue guidance.Usage and meaning are broadly consistent across England and Wales, Scotland, Northern Ireland and Ireland, making the accrual method the standard benchmark for assessing profit, loss and solvency in most legal and transactional contexts.

Level at which benefits build up for each year of pensionable service in a defined benefit scheme.

The benefits for service up to a given time, and which may or may not be vested or preserved. They can be calculated in relation to current earnings or projected earnings, and indexed or not.

Interest which has accumulated since the most recent coupon payment date on a bond or other fixed-interest security.

The benefits to which a member is entitled, as of right, under an occupational pension scheme.

Accumulated earnings describes the profits a company has generated and kept in the business over time rather than distributing them, typically shown within equity as retained earnings or the profit and loss reserve. It is a descriptive accounting expression, not a defined statutory term. For legal purposes on distributions, UK Companies Act 2006 and Irish Companies Act 2014 focus on “accumulated, realised profits” less “accumulated, realised losses” in the relevant accounts.Key features and use:- Basis for assessing whether a company has positive distributable reserves to lawfully declare dividends, make distributions, fund a share buy-back or redemption, or re-register/share redeem.- Calculated by reference to the individual company’s accounts (not consolidated), after tax, adjusted for prior losses, dividends already paid, and transfers to/from reserves.- Only realised profits count for distributions; unrealised gains (for example, certain fair value movements under IFRS/FRS 102) are excluded.- Directors and auditors test amount and legality of proposed distributions against these figures to avoid an unlawful distribution.Usage and legal effect are broadly consistent across England & Wales, Scotland and Northern Ireland (Companies Act 2006, s.830) and Ireland (Companies Act 2014, Part 6), though exact accounting treatments follow applicable UK-Irish GAAP/IFRS.

A particular type of non-interest in possession trust, intended to make provision for children and young adults up to the age of 25, and which enjoyed privileged inheritance tax treatment between 1975 and 2006.

ARCHIVED: This Practice Note has been archived and is not maintained. An accumulation and maintenance (A&M) settlement was a particular type of non-interest in possession (IIP) settlement, intended to make provision for children and young adults up to the age of 25. A&M settlements enjoyed privileged inheritance tax (IHT) treatment between 1975 and 2006. This privileged treatment was stopped as part of the widespread changes to the taxation of trusts introduced by Finance Act 2006 (FA 2006) (see Practice Note: Finance Act 2006 changes to trust taxation [Archived]). At the same time, transitional provisions were introduced for pre-22 March 2006 A&M settlements, which allowed for a certain amount of restructuring prior to 6 April 2008. This Practice Note looks at the taxation of A&M trusts, both historically and under the post-22 March 2006 rules. Although new A&M settlements cannot be created, practitioners need to be aware of the rules because they will still deal with trusts which were created before 2006. Typically, an A&M trust had several beneficiaries of different ages. The

The period of time during which the trustees can accumulate trust income by adding it to the trust capital instead of paying it out to the beneficiaries. The rule against excessive accumulations dictated that trustees could not accumulate income beyond one of six permitted accumulation periods. This is now abolished as a result of the Perpetuities and Accumulations Act 2009 (PAA 2009) in relation to trusts which are created on or after 6 April 2010, except for charitable trusts. As regards private trusts it is permissible for settlors to choose to impose their own restrictions should they so wish.

The normal units bought as part of a unit-linked policy.

Duty to achieve best consideration on disposal of land held by principal councils General duty Under section 123(1) of the Local Government Act 1972 (LGA 1972), principal councils are entitled to dispose of land held by them 'in any manner they wish'. This includes selling freehold interests, granting or assigning leases, and granting easements. Principal councils are defined in England as councils elected for a non-metropolitan county, a district or a London borough, and in Wales as a county or county borough (referred to in this note as local authorities (LAs)). However, this general power is limited by the duty in LGA 1972, s 123(2) to achieve the best consideration that can reasonably be obtained when disposing of land, unless consent has been obtained from the Secretary of State for Communities and Local Government/Ministers. A disposal by way of a short tenancy (defined as the grant of a term not exceeding seven years or the assignment of a term which has at the date of the assignment not more than seven years left