1 the right to pay a person or organization less money than you owe them because they also owe you money:
Insolvency law enshrines the important principle of set-off.
There is a sum of £1,100,000 for refunds to traders and a second sum of £19,200 against which there is a set-off of £9,000 for dock congestion relief.
This set-off for betterment provision did not, however, set off betterment to the land in respect of which the claim is made.
In the case of consent for development, it seems to suggest that compensation will be paid by a suitable set-off in the betterment charge.
Such cases are practically untouched altogether by recent legislation, and should not be held to be a set-off.
There will be a set-off one against the other, but we have no intention of depriving the fund at all.
The main set-off computation relates to a set-off against the tax deducted from interest paid by local authorities.
Their corporation tax liabilities will normally be satisfied by set-off against any repayment due.
