means the reduction of all emissions, in all sectors to zero by [specified date].

Gross profit is calculated as sales minus all costs directly related to those sales. Net profit is the actual profit after working expenses not included in the calculation of gross profit have been paid.

The difference between the selling price of an item and the purchase or manufacturing cost, expressed as a percentage of the selling price. For example, if it costs a company £6 to manufacture an item and the selling price is £10, the gross margin is: (£10 – £6)/£10 x 100 = 40%. When looking at a company’s report and accounts, the gross margin of the business as a whole is its turnover less the cost of sales, divided by the turnover, multiplied by 100.

This Practice Note examines what is meant by gross misconduct in the context of wrongful dismissal, ie conduct that amounts to a repudiatory breach of contract justifying summary dismissal. It examines fundamental breach of contract, conduct which is incompatible with the duty of fidelity and/or the duty of trust and confidence, serious misconduct, gross negligence, and disciplinary rules. It also covers gross misconduct for unfair dismissal purposes. Gross misconduct is behaviour by an employee which is so bad that the employer cannot be expected to employ the employee any longer, ie it so undermines the trust and confidence that is inherent in the particular contract of employment that the employer should no longer be required to retain the employee in its employment. It must be a fundamental breach—a breach going to the heart of the contract. The misconduct must be gross (ie extreme, or abnormal) and culpable (blameworthy). It will be conduct which is incompatible with the employee's duties of fidelity, trust and confidence. This could be an act of dishonesty or an action intended to damage the employer's

In criminal law, 'gross' negligence denotes the degree by which the conduct or failure to act fell short of the relevant standard of care.

The difference between (i) turnover and (ii) the cost of making a product or providing a service, before taking into account overheads, salaries and wages, and interest payments. The logical step after calculating gross profit is to go on to calculate the gross profit margin, which is the gross profit as a percentage of turnover.

‘Gross receipts’ means 100% of all sums actually received by the publisher in sterling in the UK arising directly and identifiably from the use and/or exploitation of the (for example) music in the territory after the deduction of the excluded Items.

This is the ratio by which gross rental income is reduced to a net sum after the developer or investor has paid for the running and maintenance of the building. Unlike commercial buildings, tenants in residential blocks are not charged a separate service charge. The efficiencies that can be achieved in minimising the Gross to net ratio are key factors in the design and specification of BTR assets. This will be further emphasised as confidence in valuation based on net operating income increases

Gross to net income conversion This Practice Note contains links to gross to net income conversion tables: • Gross to net income conversion: Butterworths Personal Injury Litigation Service [321] • Gross to net income Financial year 2000/01: Butterworths Personal Injury Litigation Service [322] • Gross to net income Financial year 2001/02: Butterworths Personal Injury Litigation Service [323] • Gross to net income Financial year 2002/03: Butterworths Personal Injury Litigation Service [324] • Gross to net income Financial year 2003/04: Butterworths Personal Injury Litigation Service [325] • Gross to net income Financial year 2004/05: Butterworths Personal

The requirement for a borrower to make additional payments to a lender/investor to compensate for withholding tax or other deductions which would otherwise reduce the amount actually received by the lender/investor.

The transfer of value on death is one transfer affecting the whole estate. Where there are no contrary provisions in the deceased’s Will, the general principle is that the inheritance tax (IHT) due on all UK free (not settled) property which vests in the personal representatives (PRs) is part of the testamentary and administration expenses and therefore it is all payable from the residue. Conversely, IHT is generally borne by the recipient beneficiary or other parties on: • settled property • jointly owned property passing by survivorship • property subject to a gift with reservation of benefit • foreign situs property, and • property expressed in the Will as passing ‘subject to tax’ For further information on the allocation of the burden of IHT on death, including examples covering various scenarios, see Practice Note: Apportionment of IHT burden on death. What is grossing up? For a deceased estate where part of the residuary estate is exempt, because it passes to a spouse or civil partner, charity, political party or other exempt body, special calculations

1 The Contractor acknowledges that it has had an opportunity to inspect and carry out tests of the physical and other conditions (including the sub-surface conditions and utilities and services) at the site on which the Works are to be carried out including all factors likely to affect or restrict access to and use of the Site and shall be deemed to have obtained all necessary information