V

Variation, Deed of

An arrangement whereby selected provisions of a will may be varied by consent of the beneficiaries.

VAT Bad Debt Relief

The relief obtained in respect of the VAT element of an unpaid debt. Previously available only when the debtor became insolvent, relief is now available on any debt unpaid for more than 6 months.

Vendor

Another name for the seller of a property.

Vested interest

Right to immediate or future entitlement.

Vicarious liability

The legal liability imposed on one person for wrongs committed by another, although the person made vicariously liable is not personally at fault.

Voluntary Liquidation

The placing of the company into liquidation by resolution of the members.