assets
pl. n. Physical property and/or rights that have a monetary value and are capable of being those of a juristic person or a natural person (i.e. a human being). Assets may be (such as land and buildings) or intangible assets (such as goodwill).

A company balance sheet shows, first, fixed assets (land, machinery, investments) and then current or circulating assets (stock, debtors, cash).

For a deceased person, assets comprise all real and personal property that forms part of the deceased’s estate and is available for the payment of the deceased’s debts and liabilities. See also family assets; wasting assets.

For purposes of capital gains tax, which is charged on the disposal of an asset, assets are defined in accordance with the declaration that: “All forms of property shall be assets” (Taxation of Chargeable Gains Act 1992 s 21(1)). For the problem of identifying an asset, see Burca v Parkinson [2001] STC 1298. In O’Brien v Benson’s Hosiery (Holdings) Ltd [1979] UKHL TC 53, the House of Lords held that the rights an employer has by virtue of a contract of employment with an employee constitute an asset for capital gains tax purposes. The fact that the rights cannot be assigned is irrelevant. Certain classes of assets are specifically exempted from capital gains tax, notably an individual’s main residence. See also business asset.

• overseas divorce
• oversight authority
• owner-occupier
• ownership
• PACE
• pact
• pacta sunt servanda
• pacta tertiis nec nocent nec prosunt
• paedophile
• paid-up capital
• pain and suffering
• palatine courts
• Panel on Takeovers and Mergers
• paperless trading
• paper owner
• parallel import
• paramount
• paramount clause
• paramountcy principle
• parcels
• pardon
• parent
• parental leave
• parental order
• parental responsibility