YE glossary terms

Browse full definitions for every YE term in the Amicus glossary.

Year

/ˈjɪər/

Definitions

  1. (n.) A period of twelve consecutive months used in legal contexts to measure time for contracts, statutes, and deadlines.
    The contract will be valid for a term of one year.
  2. (n.) A calendar year beginning January 1 and ending December 31, often relevant in statutory interpretation and calculation of legal time periods.
    The statute of limitations runs from the start of the calendar year.
  3. (n.) A fiscal or financial year established by an entity for accounting and reporting purposes, which may differ from a calendar year.
    The company’s fiscal year ends on June 30.

Forms

  • year
  • years

Related terms

See also

Commentary

In legal drafting, specifying whether a "year" means a calendar year, a fiscal year, or simply a period of 365 days is key to avoid ambiguity.

Year of Assessment

/ˈjɪər əv əˈsɛsmənt/

Definitions

  1. (n.) The specific fiscal or calendar year for which income tax is calculated and assessed by tax authorities.
    Income earned in the year of assessment 2023 will be taxed according to that year's tax rates.

Forms

  • year of assessment
  • years of assessment

Related terms

See also

Commentary

The term is crucial in tax law for determining the period during which income is measured; it often aligns with but is distinct from fiscal or calendar years depending on jurisdiction.

Glossary – YE Terms