Glossary

Table A

Standard form of articles of association for a company limited by shares. Companies limited by guarantee or unlimited must file full articles or specifically adopt one of the other tables. Table A provisions act as default terms to cover points not expressly mentioned in the company's own constitution.

TARIC codes

A comprehensive set of commodity codes used by HM Revenue & Customs for import and export purposes.

Tariff quota  (TQ)

A form of European Commission preference under which limited amounts of specified goods may be admitted to free circulation at reduced or nil rates of duty and/or Common Agricultural Policy levy within a given period. The limit may be expressed in units of weight, volume, quantity or value. Once a quota has been exhausted, the commodity may still be imported, but duty or levy must be charged at the non-quota rate.

Tariff quota serial number  (TQSN)

The specific number given to each separate Tariff quota to allow claims to each quota to be readily identified.

Tax warehouse

A warehouse authorised by HM Revenue & Customs for the deposit, without payment of duty, of goods liable to excise duty. There are special requirements for premises for the storage of oil.

Taxable person

Importers who are registered for VAT and are re-importing goods in the course of their business.

Temporary admission  (TA)

The process for claiming relief from customs charges where non-European Community (EC) goods are imported from outside the EC for temporary use in the UK/EC. Previously known as temporary importation.

Temporary duty suspensions

These are designed to allow European Union (EU) manufacturing and processing industries to compete on equal terms with non-EU producers of finished products. Import duties on components or raw materials intended for further processing are partially or completely suspended. This is providing that the goods are either not available, or not available in sufficient quantities within the EU.

Temporary importation  (TI)

The term previously used for temporary admission which concerns relief for goods imported to the European Union for temporary use under certain conditions, and which will then be re-exported.

Tenancy

The temporary possession or occupancy of property that belongs to another. It also refers to the period of a tenant's possession.

Tenure

The way in which a property is held, eg freehold tenure or leasehold tenure.

The Tariff

The Integrated Tariff of the United Kingdom. This sets out information about HM Revenue & Customs procedures for the import, export and transit of goods. It also includes details of how goods are classified for Customs purposes and the rates of duty and VAT which apply to them.

The Transfer of Undertakings (Protection of Employment) Regulations 2006  (TUPE)

The piece of legislation that preserves employees' contractual terms and conditions when a business or undertaking, or part of one, is transferred to a new employer.

Third country

Any country or territory which is not part of the European Union (EU).

Third party

Person who is injured or whose property is damaged by the policyholder (the first party). The second party is the insurer.

Third party liability

Liability of the insured to a person or persons who are not directly involved in the insurance contract.

Throughput level

The quantity of goods passing through a warehouse.

Tobacco products

These products include cigarettes, cigars, hand-rolling tobacco, other smoking tobacco, and chewing tobacco, which are manufactured wholly or partly from tobacco or any substance used as a substitute for tobacco. Tobacco products are liable to excise duty which is generally based on the quantity or weight of the goods. Cigarettes are also liable to a duty based on the value of the goods that is known as the "ad valorem component" of the duty.

Tobacco Products Duty  (TPD)

An excise duty chargeable on tobacco products.

Trade effluent

Any liquid waste that is discharged from premises being used for a business, trade or industry. Trade effluent includes waste chemicals, detergents, substances used for washing such as oils, solvents, chemicals, adhesives, inks or powders, run-off water from hard surfaces contaminated with oil, eg car parks, maintenance bays.

Trade effluent consent

A permit issued by your local water and sewerage company or authority that allows you to discharge certain matter into sewers subject to strict conditions.

Trade facility warehouse

Approval is restricted to the specific needs of an export shop. The qualifying criteria of a general storage and distribution warehouse is not required for this type of warehouse.

Trademark

A registered name or logo that is protected by law. Must be registered with the Intellectual Property Office.

Trader's Unique Reference Number  (TURN)

Used to identify an importer numerically. It is normally based on the trader's VAT registration number with a three digit extension. On 1 July 2009, the TURN system became obsolete. TURN has now been replaced by the Economic Registration and Identification (EORI) Scheme

Transfer Freight Manifest  (TFM)

A removal authority for airfreight consignments which are to be transferred from one transit shed to another before going to the final destination.

Transfer note

In accordance with the Duty of Care, a waste transfer note has to be produced when waste is transferred from one waste holder to another in the waste management chain and it must include a description of the waste. A transfer note must be completed and signed by both persons (holders) involved in the transfer.

Transfer of shares

An existing shareholder transfers issued shares to another person who is then registered as the holder of those shares.

Transfer To Escrow  (TTE)

To give control over specified securities to another CREST (the UK's central securities depository) member without a transfer of title.

Transhipment

A movement where the goods are imported and exported within the confines of a UK airport or port in the course of a movement which started and will end outside of the UK.

Transit

The movement of goods from one European Union (EU) member state to another without the need to "enter" them to a Customs procedure.

Transit shed

A place approved by HM Revenue & Customs for the deposit of imported goods that have not been assigned to a Customs approved treatment or use and/or the temporary deposit of goods intended for export.

Transmission of shares

An involuntary disposal of shares either on death or in the course of bankruptcy.

Transports Internationaux Routiers  (TIR)

International system that allows goods to be packed in a container under Customs inspection at the point of origin. The container can then pass across all national frontiers without being opened by HM Revenue & Customs officers.

Triangulation

Triangulation is the term used to describe a chain of supplies of goods involving three parties in three different countries. But, instead of the goods physically passing from one to the other, they are delivered directly from the first to the last party in the chain.

Trojan Horse

Program or virus that causes unexpected and undesirable effects when installed or run by an unsuspecting user. These effects may be immediate or they may wait for some predetermined time or condition before they are triggered.

Trustee in bankruptcy

An insolvency practitioner appointed to realise a bankrupt's assets and pay distributions to creditors.