Financial Glossary: Abatement


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Abatement

Abatement

In general, a decrease in the amount of taxation faced by an individual or company.

A Tax decrease, a reduction in penalties, or a rebate are examples of an abatement. Abatement of debts and legacies is a common law doctrine of wills that holds that when the equitable assets of a deceased person are not sufficient to satisfy fully all the creditors, their debts must abate proportionately, and they must accept a Dividend. In the case of legacies when the funds or assets out of which they are payable are not sufficient to pay them in full, the legacies abate in proportion, unless there is a priority given specially to any particular legacy. Annuities are also subject to the same rule as general legacies.

Posted by IMCA

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