Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Shelter
n. See TAX SHELTER <the shelter saved the taxpayer over $2,000 in taxes>. - shelter, vb.
credit-shelter trust
See bypass trust under TRUST.
shelter doctrine
Commercial law. The principle that a person to whom a holder in due course has transferred commercial paper, as well as any later transferee, will succeed to the rights of the holder in due course. ( As a result, transferees of holders in due course are generally not subject to defenses against the payment of an instrument. This doctrine ensures the free transferability of commercial paper. Its name derives from the idea that the transferees "take shelter" in the rights of the holder in due course.
tax shelter
n. A financial operation or investment strategy (such as a partnership or realestate investment trust) that is created primarily for the purpose of reducing or deferring income-tax payments. ( The Tax Reform Act of 1986 - by restricting the deductibility of passive losses - sharply limited the effectiveness of tax shelters. - Often shortened to shelter. -tax-sheltered, adj.
tax-sheltered annuity
See 403(b) plan under EMPLOYEE BENEFIT PLAN.